The Product Owner:

• Defines the product features, answers questions on the required functionality, consolidates requirements from other stakeholders
• Decides content of the product (or the desired outcomes of the project) and when it will be released
• Orders items in the Product Backlog.  The Product Backlog is commonly ordered by value, risk, priority, and necessity.
• Accepts or rejects functionality
• Maximizes the value of the product and work of the Development Team