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The video tutorial by Thomas Suit discusses the concept of Statement of Work (SOW) in project management, focusing on the Project Management Body of Knowledge (PMBOK) or Project Management Institute (PMI). 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 defining document between the customer and vendor, specifying what needs to be done. SOW essentially defines the project scope and responsibilities of both parties involved.