Final answer:
The Product Owner is responsible for prioritizing the product backlog in Agile methodology, as they represent the stakeholders' interests and ensure the team focuses on valuable tasks.
Step-by-step explanation:
The individual responsible for prioritizing the product backlog in the context of Agile methodology is the Product Owner. The Product Owner has the authority and responsibility to decide which features and tasks are of highest priority for the development team to work on, ensuring that the product development efforts align with customer needs and company goals. In this role, they continuously engage with stakeholders, gather feedback, and adjust the backlog as necessary to respond to changing requirements or market conditions. Lead developers, project managers, and business analysts all play important roles in the product development process, but they do not have the primary responsibility of backlog prioritization. This role is unique to the Product Owner, who represents the interests of the stakeholders and ensures that the team is working on the most valuable tasks at any given time.