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The Product Backlog is the master list of all functionality desired in the product. When a project is initiated there is no comprehensive, time-consuming effort to write down all foreseeable tasks. Typically, a Product Owner writes down everything obvious, which is almost always more than enough for a first sprint. The Product Backlog is then allowed to grow and change as more is learned about the product and its customers.
The Product Backlog items are best represented as User Stories to represent the role, requested activity and business value. Items in the Product Backlog may be any size, and will change over time as the team develops aspects of the product and the Product Owner gains feedback from customers and other stakeholders.
The Product Owner is responsible for prioritizing the items in the Product Backlog and describing them to the team. The team is responsible for estimating the size of the items in the Product Backlog and posing questions to the Product Owner for clarification. Both the Product Owner and the team are responsible for breaking down the items in the Product Backlog if they are too large to estimate and can't fit into a sprint.