The Scrum Framework
Scrum theory includes time-boxing, and specific roles, rules, and artifacts. All elements of Scrum complement each other to form a consistent whole. All work is performed in Sprints. All base rules, events, and roles are described in the Scrum Guide, the acknowledged Scrum body of knowledge. Each part of Scrum ties back to the principles and theory.
This is foundational knowledge for every Scrum Team member and anyone involved with Scrum. Product Owners know how to take advantage of the business opportunities unlocked with the Scrum framework in delivering value to the market place every 30 days, or less.
Cross-functional, Self-organizing Teams
Scrum Teams are self-organizing and cross-functional; which is very different from traditional development groups.
Product Owners acknowledge the self-organizing skills of Development Teams and how Development Teams organize their development work in creating Done Increments of product. Product Owners understand how their accountability is complementary to that of a Development Team, and not conflicting.
Scrum is a foundation to unlock business agility. Scrum in itself however is–by design–incomplete. Agility will be much higher if Scrum is complemented by strategies for Agile product management and when metrics are in place to track the creation and delivery of value to the market place.
Product Backlog Management
A Product Owner is accountable for the Product Backlog, and the ordering of all work that is identified for the product. Product Backlog is used to manage the requirements and can be used to plan releases, and track and report on progress.