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The video discusses the importance of a Statement of Work (SOW) in project management, specifically in the PMBOK or PMI framework. The SOW is a document that outlines the project objectives, scope, deliverables, timelines, and expectations. It serves as a guide for the customer and vendor, defining what needs to be done and achieved in the project. The SOW essentially sets the terms and objectives of a project or service contract, ensuring clarity and alignment between parties.
