The operating system (OS) controls the overall operation of a computer by managing hardware resources like the CPU, RAM and I/O devices. It provides an interface for application software and handles security, multitasking and processes. Key functions of an OS include managing hardware, providing security, interfacing with users and applications, and allowing multiple programs to run concurrently via techniques like multitasking and virtual memory. Modern operating systems also enable features like networking and graphical user interfaces.