I have no clue, nor does my father. What is this component and its function?

 

That's the MAP (manifold absolute pressure) sensor. It reads changes in intake manifold pressures, which varies based on engine load and speed.
It then converts that info into voltage that the ECM reads so it can control your fuel delivery and ignition timing.

 

You ought to throw a zip tie on that connector so it can't wiggle out.