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In this YouTube tutorial, Thomas Suit explains the concept of a Statement of Work (SOW), which is crucial in project management according to PMBOK or PMI. The SOW is a document that outlines the terms and objectives of a project or service contract, detailing the scope of work, deliverables, timelines, and other expectations. It serves as a communication tool between the customer and the vendor, defining what needs to be done and by whom. The SOW essentially acts as a roadmap for the project, ensuring clarity and alignment on the project's goals and requirements.