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The statement of work (SOW) is a document that outlines the terms and objectives of a project or service contract, including the scope of work, deliverables, timelines, and expectations. It is important in project management as it defines the work to be done between the customer and the vendor. The SOW is essentially a document that specifies what the customer wants to achieve and what needs to be done by the vendor to meet those objectives. It is a key component in project management within the Project Management Body of Knowledge (PMBOK) or Project Management Institute (PMI).