Which statement about velocity is true regarding its use as a metric?

The statement that velocity reflects the amount of work delivered is accurate as it specifically quantifies the amount of product backlog completed in a given sprint, typically measured in story points, hours, or count of user stories. This metric helps the Scrum Team understand their capacity for future sprints based on past performance, enabling better planning for upcoming work and setting achievable goals.

Velocity is an essential tool for improving the effectiveness of the team by providing insights into how much work they can realistically commit to in future iterations, thus aiding in the creation of more accurate forecasts and enhancing predictability in the delivery of increments. It emphasizes the Scrum principle of empirical process control, where teams can inspect and adapt based on their own historical performance.

The other statements do not accurately represent the essence of velocity in the context of Scrum. Specifically, it does not measure project duration, value delivered, or individual team member performance directly, but rather focuses on the collective output of the Scrum Team's work within a defined timeframe.