Scrum is an agile project management framework that focuses on iterative development with short cycles called sprints. Key aspects of Scrum include product backlogs created by a product owner, sprints that last 2-4 weeks where a cross-functional team works to complete items from the backlog, and daily stand-up meetings for the team. Scrum aims to improve productivity by allowing for rapid adaptation to changing requirements through its iterative process and emphasis on working software over documentation.