Final answer:
The periosteum is a fibrous membrane that covers the entire outer surface of a bone and is essential for bone growth, repair, and nourishment.
Step-by-step explanation:
The periosteum is located covering a bone. This fibrous membrane covers the entire outer surface of the bone, except where the epiphyses meet other bones to form joints. At these joints, the epiphyses are instead covered with articular cartilage. The periosteum plays a crucial role in the nourishment and growth of bones, containing blood vessels, nerves, and lymphatic vessels that provide the compact bone with necessary nutrients. Additionally, tendons and ligaments attach to bones at the periosteum, highlighting its significance in the musculoskeletal system.