Product Owner in Agile

Individual who decided what needs to be done for a Project. He performs different tasks including creating a product backlog (as he is aware of the business requirements - it is an activity that lasts till the project gets over. Based on Business requirements owner updates product backlog), she or he decides sequence of backlog based on the business value and priority, she or he represents the customer and works as a facilitator in all the communication and clarifications required by the project team. She or he creates a vision and drives end to end activities from 10000 feet and if requires he is very much available for discussions required to fix things.
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My Experience:

Solution Architect from Customer was designated as a Product Owner and he was available in all the discussion. He used to accept stories from Development, Schedule stories for completion and Accept Definition of Done or completed stories. For us, BAs provided priorities to the stories and based on it we used to work on it. However, it was challenging considering the culture of Sequence of Stories in the system and not the Priority. He was very clear on what he wants and how it should be done. He provided all necessary documents, rules, and regulations to follow at the time of application development.

Product Owner was part of some Daily Scrum meetings but not all. He was involved in all the demos after each Sprint completion and his inputs were vital in the sprint meetings. In my experience, Product Owner had good hand on different technology and hence it was challenge and fun to discuss various things with him.

In case of clarification, he was very much available for any discussion and that helped us a lot.

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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