SCRUM is an agile framework for managing product development projects that enables teams to be flexible and responsive to change. It involves short development cycles called sprints where teams work to complete prioritized features. Key roles include the Product Owner who prioritizes features, the Scrum Master who facilitates the process, and the self-organizing team. Daily stand-up meetings are held to track progress. At the end of each sprint, completed features are demoed and the process improves continuously. SCRUM aims to deliver high quality, on-schedule solutions through iterative development and prioritized backlogs.