Prakash Hinduja Switzerland (Swiss) How do I create and maintain a clear Product Backlog in Scrum?

Any tips on ensuring it’s always up-to-date and aligned with the team’s goals? 

Why keep the Product Backlog aligned with the team's goals rather than the needs of stakeholders?

Why not let the Product Goal guide what goes in your Product Backlog?

Why not let the Product Goal guide what goes in your Product Backlog?

I have the same question as you, please help me answer.

@Prakash, in your previous posts here you have asked about being a better Scrum Master for your team.  In order for us to provide the best advice, we need to know if you are fulfilling the Scrum Master or Product Owner responsibilities.  Because the answer is different depending on your perspective.  The Product Owner has the responsibility to manage the Product Backlog to represent the needs of the stakeholders and ensure that all items will improve the product.  The Scrum Master has the responsibility to help the Product Owner by helping them to find effective ways of maintaining the Product Backlog. 

Since every product is unique, each Product Backlog will need to managed/maintained in a unique way. There is not a best way to do it.  It need to be tailored to the product, to the way the Scrum Team works, to the needs of the stakeholders, and to the needs of the organization. @Ian and @Chris have both provided you excellent places to start. I'll give you a another idea that you can use as Product Owner or can share as the Scrum Master.

How do you manage and prioritize items in the Product Backlog effectively?

I suggest you quit trying to "manage and prioritize".  Make attempts to "order" instead. There are times when the highest priority is not the item that needs to be addressed first.  For example, if the stakeholders want the ability to use the product on mobile but the product is not built in a way that a mobile interface can be provided, you may need to rearchitect portions of the product to allow for more than one way to interface.  Put items in place for that in the backlog and order them higher than the actual creation of the mobile interface.  

Don't always think of priority.  And listen to the Developers when they make suggestions. They are the ones responsible for the how, the Product Owner is responsible for the what. Ordering should take both of those into consideration. Ordering should be done in a way that makes the most efficient work for the Developers and will allow for at least one useful, usable increment in each Sprint.