As it is particularly mentioned in the agile software development team about product backlog, it is a regarded as a list of items that is to be done within the project. These items are ranked with feature descriptions. In an ideal scenario, items should be broken down into user stories.
Why Product Backlog is Important?
It is prepared in such a way 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 could be added to the product.
It helps in comparing features to confirm their strategic importance. Team first ranks the item and then builds the value.
Characteristics of Product Backlog
Each product should contain one product backlog which can have a set of large to very large features.
Having facility to work by multiple teams on a single product backlog.
Ranking of features is done based on business value, technical value, risk management or strategic fitness.
At the time of release planning highest ranking items are broken into smaller stories in order to complete it in future iterations.