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In this video tutorial, Thomas Suit discusses the importance of a Statement of Work (SOW) in project management, specifically within the PMBOK or PMI framework. The SOW is a document outlining the terms and objectives of a project or service contract, including deliverables, timelines, and expectations. It serves as a guide for the work to be done between the customer and vendor, defining what needs to be accomplished. The SOW essentially acts as a roadmap for the project, detailing the scope of work required to meet the project objectives.