Where is the pancreas and what does it do?

Abdominal organ. Abdominal organ in the back of the belly. It is digestive organ: it secretes enzymes into the small bowel which break down food and help its absorption. It is also an endocrine organ: it produces hormones involved in sugar control and control of digestion. Insulin is one of these hormones. Diabetics either lack Insulin (type 1 diabetes) or have inadequate Insulin function (type 2).
Below stomach. The pancreas is just below and beneath the stomach, it produces digestive enzymes and insulin.
Pancreas. It is in the retro peritoneum in the upper abdomen behind the stomach. It makes hormones such as Insulin glucagon and somatostatin. It also participates in digestion by making enzymes that drain into the duodenum.
Digestion & hormones. The pancreas sits behind the stomach in what is call the retroperitoneum. It is involved in secreting enzymes used to digest starches and fats. It also is an exocrine gland producing hormones such as Insulin which regulates blood sugar.