Your understanding is partially correct.
Sprint is one of the fundamental event of Agile.
Sprint can be considered as a project with a deadline of one month or less. Like projects, Sprints are used to accomplish something. Each Sprint has a goal of what is to be built, a design and flexible plan that will guide building it, the work, and the resultant product increment.
In other words, Sprint is a time-box of one month or less during which a "Done", useable, and potentially releasable product Increment is created.
A new Sprint starts immediately after the conclusion of the previous Sprint.
Sprint is the container event for all other SCRUM events. A sprint contain and consist of the Sprint Planning, Daily Scrums, the development work, the Sprint Review, and the Sprint Retrospective.
If you start following Agile, you define Sprints of particular time period (usually 15 days). The entire project is executed in these Sprints.
At the start of each sprint, the team decides the tasks it will execute in the entire sprint.
These tasks are then executed by various stakeholders/ Dev team.
At the end of the sprint, you have a resultant increment product.
You should refer to the SCRUM guide for more details :-)
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