Final answer:
The product backlog is a dynamic, prioritized list of features, enhancements, and bug fixes for a product and a management tool used in Agile projects to allocate tasks and ensure the delivery of the most valuable features first.
Step-by-step explanation:
The product backlog is a critical component in Agile project management. It can be best described by two key attributes:
- It is a prioritized list of features, enhancements, and bug fixes for a product, which means it encompasses all the tasks or user stories that need to be completed to deliver a successful product.
- It is a tool used to manage and prioritize work in an Agile project, ensuring that the development team knows what to work on next and that the most valuable features are delivered first.
The product backlog is not a static document but rather a dynamic one that evolves as the product and its market requirements evolve. It is refined and prioritized regularly, typically by the product owner in collaboration with the development team and other stakeholders.