Sprint Planning is the event that kicks off the Sprint by deciding what can be delivered and how. The whole Scrum Team participates, and it is time-boxed to a maximum of eight hours for a one-month Sprint (proportionally less for shorter ones).
What it produces
Planning answers three questions and produces two outputs:
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WHY The Product Owner proposes a Sprint Goal (the objective).
WHAT The team selects Product Backlog items it believes it can finish.
HOW The Developers plan enough of the work to start.
OUTPUTS: a Sprint Goal + a Sprint Backlog
Concrete example
The Product Owner proposes the goal "checkout works end to end." The team pulls in the cart, payment, and confirmation stories, breaks them into tasks, and confirms the goal is realistic given their capacity.
