Scrum is a framework for project management that defines roles like the Scrum Master, Product Owner, and self-organizing team, and processes such as daily stand-up meetings, sprint planning and review, and using a product backlog and sprint backlog. The story compares adopting the Scrum roles and processes to a chicken and pig opening a restaurant together, with the pig taking on the committed roles analogous to Scrum and the chicken only being peripherally involved. Scrum is an iterative process used for managing product development and work that focuses on accountability, collaboration, and adaptive planning.