Individual who decided what needs to be done for a Project. He is responsible for creating a vision and deciding constraints. She or he is responsible for synchronizing business objectives and implementation aspects. Their objective should be to maximize RoI with faster time to market and utilizing capabilities of team in an effective manner.
In a nutshell, he was involved in the Strategic (application strategy, developing the application road map, and managing the stakeholders) or Tactical (Managing product backlog) decisions. In my experience, it was very much hybrid scenario. PO was not involved in all tactical or strategic decisions. He used to give inputs when it comes to strategic decisions while he was very much into the tactical decisions.
What I feel:
Availability of Owner in meeting is crucial as Requirements may change. He must have good understanding of business requirements. He can reject the stories well. He can prioritize the stories based on importance.
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