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In this video tutorial, Thomas Suit discusses the concept of a Statement of Work (SOW) 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, including the scope of work, deliverables, timelines, and expectations. It serves as a communication tool between the customer and vendor, defining what needs to be done. The SOW essentially clarifies the responsibilities and expectations of both parties involved in a project or contract.