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Both the terms ‘Product Backlog’ and ‘Sprint Backlog’ are the crucial part of Agile Mythology. These terms are related but having different concept and significance in Agile.
In general, Backlog means an accretion of unfinished task or matters.
Product Backlog is simply a list of all things that needs to be extinct within the project. The list may include technical task or may be user centric only e.g. user stories.
The product owner/scrum master/project manager is the person who is responsible for prioritizing the backlog. Sometimes, team also get the responsibility to clean up product backlog.
The work items like user stories, bugs, design changes, technical debt, customer requests, and action items from the retrospective are part of product backlog.
The requirements are analyzed and break down by Scrum Team. All entries are prioritized and then Scrum 'Product Backlog' is created. Added Values, Costs and Risks are the most frequent characteristics for prioritization of the product backlog.
The product backlog is substructure for iteration planning which means the process of discussing and planning the next cycle of a software that is under development.
The Sprint Backlog is a list of tasks identified by the Scrum team need to complete during the Scrum sprint.
The main purpose of a Sprint Backlog is - for the team to manage themselves during the Sprint release. Also, team use to recognize the user stories (other related items too) and choose from product backlog to fix on them in Sprint release. This decision can be made in 'Sprint Plan' meeting too. Here, also the product owner narrates the priority of the features to the other team members.
The team asks enough questions that they can turn a high-level user story of the product backlog into the more detailed tasks for the sprint.
Difference of both:
In Simple words, Product backlog is an option for team that may or may not deliver a specific outcome.It contains the features which can be put later on in development plans.
Whereas Sprint backlog is consider as commitment for delivered task in a sprint. It contains the features which will be developed in the sprint.
These decisions are made on the basis of priority of features and are also jointly agreed between the product owner and the team as goals. Dev and qa services jointly work on the product and sprint backlog for clearing the backlog tasks.