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The video tutorial discusses the concept of the Statement of Work (SOW) in project management, focusing on its importance in defining project objectives, scope, deliverables, timelines, and expectations between the customer and the vendor. The SOW serves as a document that outlines what needs to be done in a project or service contract, helping to clarify the responsibilities and requirements of both parties. The tutorial emphasizes the significance of understanding the SOW in the context of the Project Management Body of Knowledge (PMBOK) or Project Management Institute (PMI).