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In today's video tutorial, Thomas Suit discusses the importance of the Statement of Work (SOW) in project management, specifically in the context of PMBOK or PMI. The SOW is a document that outlines the terms and objectives of a project or service contract, including deliverables, timelines, and expectations. It serves as a guide for both the customer and the vendor, defining what needs to be done and how it will be accomplished. The SOW is like a roadmap for the project, detailing the scope of work to be completed.