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The video tutorial discusses the concept of a Statement of Work (SOW) in project management, focusing on the PMBOK or PMI framework. The SOW is a document that outlines the terms and objectives of a project or service contract, including scope of work, deliverables, timelines, and expectations. It serves as a guide for the collaboration between the customer and the vendor, defining what needs to be done. The SOW is essentially a document that clarifies the project requirements and responsibilities.