I coach my Product Owners to ruthlessly refine their Product Backlog to prevent onset of an Agile death march. A lack of proper attention to Product Backlog Refinement can lead to product decay, premature end of product life, and demotivation of the Development Team. 

In light of these risks, it's important to get Product Backlog Refinement right. To get it right, Product Owners need finely honed skills in value hunting. By value hunting, I mean actively seeking Product Backlog items of high value. Also keep in mind that value hunting is not a one-time activity done at the beginning. Value hunting continues as long as the Product Backlog exists and the Product Backlog exists as long as the product exists. 

The outcome of effective value hunting is a continuous flow of high value items into the Product Backlog. Once in the Product Backlog, these items can be ordered and chunked into small valuable bits, with the best bits at the top ready to be pulled in by the Development Team. A well-refined Product Backlog is essential fuel for sustaining a high performing team and value creation for the customer.

Is your Product Owner a value hunter?