A product backlog is a list of items to be done. Items are ranked with feature descriptions. In an ideal scenario, items should be broken down into user stories.
● It is prepared so that estimates can be given to each and every feature.
● It helps in planning the roadmap for the product.
● It helps in re-ranking the features so that more value can be added to the product.
● It helps in determining what to prioritize first. Team ranks the item and then builds value.
● Each product should have one product backlog which can have a set of large to very large features.
● Multiple teams can work on a single product backlog.
● Ranking of features is done based on business value, technical value, risk management or strategic fitness.
● Highest ranking items are decomposed into smaller stories during release planning so that they can be completed in future iterations.