Guide to Product Backlog in Scrum

A Product Backlog is an integral part of Scrum, a project management methodology. It contains a list of all items/features/products that need to be developed or improved.

Importance: It acts as the backbone of the project as all new features, enhancements, bugs, technical work, and knowledge acquisition are added to it. It guides the team about what needs to be done next.

What it is: It is an evolving, dynamic tool that details everything that is to be done on a project. The product owner manages the product backlog and it includes all the functionality required for an application or a project.

How it works: The priorities of the backlog items are determined by the product owner based on the current strategy and situation. The Scrum team then works on the highest priority items in the product backlog during each Sprint. After the Sprint, the Scrum team and the product owner review and revise the product backlog.

Exam Tips: Answering Questions on Product Backlog:
1. Understand its fundamentals: Make sure you are thorough with basics like what a Product Backlog is, who manages it, and its importance in Scrum.
2. Illustrate with examples: If possible, use real-life examples to explain the management or prioritization of the product backlog.
3. Stay current: Scrum is an evolving field, so base your answers on the latest methodologies and practices related to Product Backlog.
4. Be detailed: Do not leave key aspects unexplained. Detail what happens if the product backlog is not managed well, how items get added to it, and how priorities are adjusted.
5. Use correct terminologies: Always use the correct Scrum terminologies. For instance, don't refer to the 'Product Backlog' as just 'Backlog'.