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In this YouTube tutorial, Thomas discusses the Statement of Work (SOW) in project management according to PMBOK or PMI. The SOW is a document outlining the terms, objectives, scope of work, deliverables, timelines, and expectations of a project or service contract. It serves as a guide for both the customer and vendor to understand what needs to be done and achieved in the project. The SOW essentially defines the tasks to be completed and the goals to be met between the parties involved.