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The Speculate phase product backlog expands and refines the one developed in the Envision phase—identifying and listing the features and stories from feasibility or marketing studies, requirements-gathering efforts, and product visioning. For existing products, customers, developers, product managers, and customer support staff constantly make suggestions about product enhancements that add to the backlog. This backlog list, is maintained by the product manager and is the major inputs for release, wave, and iteration planning.

Feature details evolve over the development phases. In the Envision phase the team creates a preliminary feature or product breakdown structure in which features are identified (as shown in