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Which is the most accurate description of a backlog in agile?

The backlog is the ordered list of all the work, shows the work completed, and shows the effect of team members multitasking.

The backlog is the ordered list of all the work and helps the teams see how to deliver the highest value without creating waste.

The backlog is the sum of all the story point sizes for the features actually completed in each project iteration.

The backlog is the ordered list of all the completed work and helps the teams see how to deliver value without creating waste.

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