Why is Scrum Master roles and PO’s profiles are being combined these days?
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Well, at a point they are not really roles, just a set of accountabilities that someone in the team needs to have – at least by the 2020 Scrum Guide.
At a point there was a reason that these were split out. There’s a degree of tension between the two sets of accountabilities that can lead to a conflict of interest in one individual, and lead towards the more directive, autocratic leadership style that some project managers adopt.
Of course, there’s no obligation to do Scrum, and the Scrum Guide is licenced in a way that allows you to adapt and create your own version (as long as you attribute the authors of the original) so you can really do what you want.
That said, I think it would be quite hard to
a) take care of all of the Product Owner accountabilities for one or more teams and
b) take care of all of the Scrum Master accountabilities across the entire organisation
It’s when the PO role is “owner in name only” and the Scrum Master role is confined to working on a single team without the wider impact, that the roles might shrink enough to be a single person…