It is important to prioritize the product backlog so that high-value stories are developed first during the daily sprints. The product owner, based on the product vision seen by the stakeholders and clients tries to prioritize the backlog based on:

• Business value
• Definition of ready

One of the main factors to consider while prioritizing a backlog item is to determine its business value and include that value in its definition. The business value is typically a number ranging from one to ten. The higher the business value, the greater the number. The business value is determined after considering several factors, such as:

• Client’s preference and priority in developing the feature;
• End-user requirements;
• Market demand for the feature;
• Levels of competition faced by other businesses developing products with similar features, etc.

The product owner assigns business values to the stories based on the extent of value or financial worth, the story can bring to the business and stakeholders once the product is developed and released in the market.

A stakeholder is "a person external to the Scrum Team with a specific interest in and knowledge of a product that is required for incremental discovery. Represented by the Product Owner and actively engaged with the Scrum Team at Sprint Review.

The Scrum Team is small enough to remain nimble and large enough to complete significant work within a Sprint, typically 10 or fewer people. In general, we have found that smaller teams communicate better and are more productive. If Scrum Teams become too large, they should consider reorganizing into multiple cohesive Scrum Teams, each focused on the same product. Therefore, they should share the same Product Goal, Product Backlog, and Product Owner.

Sprints are the Scrum equivalent of an Agile iteration, which is a short period in which a team works to produce an end deliverable.

Within each sprint, there are Scrum inspect and adapt events, also known as ceremonies. These events or meetings are specifically designed to enable critical transparency and inspection.

There are four Scrum inspect and adapt events:

• Sprint Planning
• Daily Scrum (Daily Standup)
• Sprint Review
• Sprint Retrospective

Scrum events create an empirical behavior amongst teams if done in the right spirit. The Scrum Master should ensure the team understands each event's why what, and how. These events also help to create a flow of communication and provide transparency at every level.

Scrum Master Responsibilities:
1. Implement Project Management/Best Practices;
2. Keep all Parties on Track and Informed;
3. Introduce Agile Engineering Practices;
4. Coach Team Members;
5. Host Daily Stand-up Meetings;
6. Assist the Product Owner With the Product Backlog. It is the product owner’s responsibility to create and maintain the product backlog. The Scrum Master helps the product owner refine and maintain the backlog by using information gathered from standup meetings. They schedule review meetings and prioritize work on user stories.
7. Remove Roadblocks;
8. Teach Scrum Practices and Principles.

The Scrum Master serves the Product Owner in several ways, including:

• Ensuring that everyone on the Scrum Team understands well the goal, scope, and product domain;
• Finding techniques for effective Product Backlog management;
• Helping the Scrum Team understand the need for clear and concise Product Backlog items;
• Understanding product planning in an empirical environment;
• Ensuring the Product Owner knows how to arrange the Product Backlog to maximize value;
• Understanding and practicing agility;
• Facilitating Scrum events as requested or needed.