How to determine the story point value in Agile methodology and determine the team velocity? In web search able to get the definition but not the actually process explanation.
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3Hi Tom, http://programmers.stackexchange.com/ is your best bet for this sort of question. – lebreeze Jan 31 '12 at 10:38
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Story Point is estimated during the Sprint Planning by the team members. It's better if each team member discloses the story point simultanously by using Scrum cards.
For example:
Product Manager creates a story to add a facebook like button in the company website. Developer A quotes 4 hours. Developer B quotes 5 hours. QA quotes 3 hours. In the end, the team decided to use 4 hours(or 5 hours) development + 3 hours QA as the story point.
For team Velocity, check this simple explanation.

Rudy
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1Story points really should never reflect time but relative complexity. – lebreeze Jan 31 '12 at 10:53