The Prioritized Product Backlog is based primarily on value, risk or uncertainty, and dependencies. SCRUMstudy explicitly identifies these three factors when explaining the structure and prioritization of the backlog.
Value represents the business benefit expected from delivering the functionality. Higher-value items may be prioritized earlier so that useful business outcomes begin to accrue sooner. Risk and uncertainty are considered because addressing uncertain or high-risk work earlier can expose assumptions, enable mitigation, and prevent late discovery of critical problems. Dependencies influence sequencing because some requirements cannot be effectively developed before prerequisite functionality is available.
“Deliverables” are results produced through execution of backlog items; they are not one of the three primary prioritization factors specified in the SBOK model.
The combination of value, risk, and dependencies reflects Scrum's broader principles of value-based prioritization and adaptive planning. Prioritization is therefore more sophisticated than merely ordering requirements by desired functionality.
Consequently, statements I, II, and III are correct.
Study Guide reference: Business Justification - > Value-based Prioritization; Initiate - > Create Prioritized Product Backlog; Risk - > Risk-adjusted Backlog.
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