question #1 Sahih Muslim 674d, Book 5, Hadith 371 : What is the significance of announcing prayer and pronouncing Iqama in Islam?

I came to the Messenger of Allah (ﷺ) along with a companion of mine, and when we intended to return from him, he said: When there is time for prayer, announce prayer, pronounce Iqama, and the oldest amongst you should lead the prayer.