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In this YouTube video tutorial, Thomas Suit discusses the importance of the Statement of Work (SOW) in project management, specifically in relation to PMBOK or PMI. The SOW is a document that outlines the terms and objectives of a project or service contract, including the scope of work, deliverables, timelines, and expectations. It serves as an agreement between the customer and the vendor, defining what needs to be done. The SOW is like a roadmap for the project, detailing the tasks that must be completed.