What does a product backlog consist of?

A product backlog is a dynamic and prioritized list that is fundamental to agile project management, particularly in frameworks like Scrum. It consists of user stories, which capture functionalities desired in the product from the perspective of end-users, as well as requirements that guide development efforts. Each item in the product backlog is not only prioritized but also estimated in terms of effort to help the development team understand what is the most important to work on next and how long it may take.

Prioritization in the backlog is crucial because it allows the team to focus on delivering the highest value items first, adapting to changes in business needs as they arise. This ensures that the team works efficiently and continuously delivers segments of the product that provide value to users or stakeholders.

The other options do not accurately represent a product backlog. A detailed project schedule refers to specific timelines and sequencing of tasks rather than a flexible list of requirements. A list of completed tasks does not reflect the ongoing nature of development and would not include pending items that need to be addressed. Finally, a summary of project risks, while important, does not capture the essence of a product backlog, which is focused on user stories and requirements rather than potential pitfalls.