Plasma membrane acts as a selectively permeable membrane. It allows entry of those useful substances which are needed for the cell. It does not allow entry of the harmful and unwanted substances.
Plasma membrane keeps the homeostasis in the cell. The cell is kept in steady state even if the external environment changes.
Plasma membrane is responsible for processes of endocytosis and exocytosis.
The processes of diffusion and osmosis are possible only due to plasma membrane.
In animal cells, plasma membrane is the outermost protective covering of the cell.