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The Product Backlog is an essential component of the Scrum framework, serving as a prioritized list that encompasses everything required to develop a product. It includes features, functionalities, enhancements, and fixes that make up the desired outcome of the project. Each item in the backlog is typically written in a user story format, which helps ensure that all stakeholders understand what needs to be done and why it will be valuable to customers or end-users.

As the project evolves, the Product Backlog is continuously refined, with items being added, removed, or re-prioritized based on changing requirements or feedback. This dynamic nature of the backlog reflects the Agile principle of responding to change over following a fixed plan, allowing teams to remain adaptive and responsive to customer needs.

The other choices do not accurately describe the Product Backlog. A detailed report of project costs focuses on financial aspects and does not concern the prioritized list of product needs. A summary of completed tasks would be more aligned with what is often referred to as a 'Sprint Backlog' or a project's progress metrics rather than the overarching needs of the product. Similarly, a list of team roles and responsibilities pertains to organizational structure and task allocation rather than the requirements for product development itself.