In an agile approach, it is crucial to consider both the business value and the dependencies between backlog items when prioritizing them for a sprint. The project manager should facilitate a discussion among the team members to reach a consensus on the prioritization of the items. This collaborative decision-making process ensures that the team considers all aspects of the work, including business value, complexity, and dependencies, to make an informed decision that aligns with the team's capacity and the project's goals.
References: The answer is verified using the principles found in the Agile Practice Guide provided by PMI, which emphasizes the importance of collaboration and consensus in agile teams1. Additionally, the PMBOK Guide - Sixth Edition also supports this approach by highlighting the role of the project manager in facilitating discussions and decision-making within the team2.