Product vs Project

A project has a short lifespan, it has a start and and end. The product live is longer than a project. 

A project may not necessarily deliver all Product Backlog Items, especially low value items. These may be postponed until a future date. 

Defects and change requests happen post the project, these are added to the products backlog which can then be managed.
A product backlog typically contains the following 3 types of stories 

1. New features 
2. Defects 
3. Engineering - Stories for optimizing/refactor the current code, a effort undertaken to reduce the tech debt 

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