The product backlog is a prioritized list of features, stories, or tasks that need to be completed for a product. It is created and maintained by the product owner. Items in the backlog are estimated by the team and assigned a business value by the product owner. The backlog is a living document that evolves over time based on changes to requirements, new ideas, or technical challenges. Effective product backlog definition requires collaboration between multiple roles through iterative and incremental processes.