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A Statement of Work (SOW) is a document that outlines the terms and objectives of a project or service contract. It includes the scope of work, deliverables, timelines, and expectations between the customer and the vendor. The SOW is important in project management as it defines what needs to be done and helps in determining the project's success. It is a key concept in the Project Management Body of Knowledge (PMBOK) or the Project Management Institute (PMI) framework.