This role is typically business-facing. He creates & maintains the Product Backlog with input from everyone. He also ensures that everyone knows what is on it and what the priorities are. He is responsible for optimizing the delivery of business value. He decides tradeoffs between Scope, Schedule, & Cost.
Here are the top ten activities of a Product Owner which he must perform well in order to keep scrum teams effective:
1. Creates and Maintains the Product Backlog.
2. Prioritizes and sequences the Backlog according to business value or ROI
3. Assists with the elaboration of Epics, Themes, and Features into user stories that are granular enough to be achieved in a single sprint.
4. Conveys the Vision and Goals at the beginning of every Release and Sprint.
5. Represents the customer, interfaces and engages the customer.
6. Participates in the daily Scrums, Sprint Planning Meetings and Sprint Reviews and Retrospectives.
7. Inspects the product progress at the end of every Sprint and has complete authority to accept or reject work done.
8. Can change the course of the project at the end of every Sprint
9. Communicates status externally.
10. Terminates a Sprint if it is determined that a drastic change in direction is required