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The text discusses the concept of a Statement of Work (SOW) in project management, specifically in relation to the Project Management Body of Knowledge (PMBOK) or Project Management Institute (PMI). The SOW is a document that outlines the terms and objectives of a project or service contract, including the scope of work, deliverables, timelines, and other expectations. It serves as a guide for defining the tasks to be done between the customer and the vendor. Essentially, the SOW defines what needs to be achieved and how it will be accomplished in a project or service contract.