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The text discusses the importance of a Statement of Work (SOW) in project management. It is a document that outlines the terms and objectives of a project or service contract, including the scope of work, deliverables, timelines, and expectations. The SOW serves as a guide for both the customer and the vendor, defining what needs to be done and setting clear expectations for the project. It is a crucial document in project management according to PMBOK and PMI standards.