Scrum in a product development framework that helps the development team produce software. There are three roles on the Scrum team, the Product Owner, the Development Team, and the Scrum Master. The Product Owner creates and maintains a prioritized list of features that potentially could be built, called a backlog. The Development Team builds the items in the backlog. The Scrum Master monitors the teams progress and helps to remove any impediments that may come up.
The process starts with a planning session, the team meets to decide what items from the top of the backlog it can successfully complete within the agreed upon time frame (sprint). Every day the Development Team meets to discuss how they can best accomplish their work that day, this is called the daily Scrum. After the sprint is up the Team meets with the Stakeholders (anyone that has an interest in the product), to review what was produced during the sprint. This is called a sprint review. It is the Scrum teams chance to course correct and make sure that they are delivering the most value it can to the company. Next the team meets to discuss what they can do different to improve as a team and be more productive. This meeting is called a retrospective. We then plan again and the cycle repeats, until the product has achieved the level of functionality that the company needs. This process provides us continual feedback on a rapid, and regular basis so that we can always be confident we are delivering the product the company needs in a timely fashion.