Guide on Velocity Chart

A Velocity Chart is an essential tool in the Scrum framework, particularly in evaluating the performance of a Scrum Team. This chart, typically depicted as a bar graph, illustrates the amount of work a team can complete within a single sprint - a fixed period of time dedicated to a specific set of tasks.

Why is it Important?
The Velocity Chart is a valuable metric for projecting the team's future performance. By understanding and tracking the team's velocity over time, Scrum Masters can predict how much work the team can complete in future sprints, aiding in more effective planning and resource allocation. It also helps in identifying deviations, assessing the impact of changes, and driving continual improvement.

How it Works?
The Velocity Chart measures 'Story Points', a unit of measure for expressing an estimate of the overall effort required to fully implement a product backlog item or any other piece of work. At the end of each sprint, the total number of 'done' story points are added up and represented on the chart. Tracking this over time creates a visual representation of the team's velocity.

Exam Tips: Answering Questions on Velocity Chart
1. Understand the purpose of a Velocity Chart. This isn't just a tracking metric - it's a tool to understand team performance and plan effectively for future sprints.
2. Be able to explain how Velocity is measured, i.e., through 'Story Points'.
3. Remember that velocity is a metric that can evolve over time and changes are not necessarily negative. Could be an indication of more accurate estimation or changes in team's productivity.
4. In hypothetical case study questions, ensure you demonstrate a good understanding of how to use the velocity chart to plan for future sprints and manage resources efficiently.

Remember, the Velocity Chart is an integral tool in the Scrum framework. Understanding it thoroughly can not only help you ace your exams but also apply Scrum methodologies more effectively in real-world situations.