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In this video tutorial, Thomas Suitt explains the concept of a Statement of Work (SOW) in project management. The SOW is a document that outlines the terms, objectives, scope of work, deliverables, timelines, and expectations of a project or service contract. It defines the tasks to be performed between the customer and the vendor, detailing what needs to be done. The SOW is essential for effectively managing projects and ensuring clarity and alignment between all parties involved.