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The Agile Dictionary
The Velocity of an Agile Team refers to the amount of work completed in a set amount of time. In Scrum this is calculated with the total of story points accomplished within a single sprint, although it is recommended to do an average on at least 3 sprints. The point is to get an estimation of how fast the Team can tackle the rest of items in the Product Backlog which will be useful to update the Product Roadmap.