Why is duration of bond important?

Why is duration of bond important?
Duration is the weighted average number of years necessary to recover the initial cost of the bond
It allows comparison of effective lives of bonds that differ in maturity, coupon.
It is used in bond management strategies particularly immunization.
Measures bond price sensitivity to interest rate movements, which is very important in any bond analysis
Duration is a direct measure of interest rate risk:
The higher the duration, the higher the interest rate risk