The point of view in any story is important because it provides a guide to manage the execution of your story. Most works of fiction use one point of view although a second perspective can be brought into the story for a short period of time.
Third Person Perspective is the most common method of conveying a work of fiction. This method allows the narrator to have at least limited omniscience. The narrator has limited access to the knowledge and feelings of the characters in the story and can take the reader from one character setting to another easily. There is no questioning of how the narrator knows so much about each individual; it is a premise that is simply accepted by most readers.
Unlike first person perspective that conveys the story from the perspective of a cast member, third person perspective narration does not allow the narrator to actually participate in the action. They are simply the mechanism that operates outside the story to bring the various story threads together.
If a writer were to give the narrator full access to all feelings and thoughts of the cast of characters the story would be a little flat because nothing would be left to the...