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In this YouTube tutorial, Thomas Suit discusses the importance of a Statement of Work (SOW) in project management, specifically in the PMBOK or PMI framework. The SOW is a document that outlines the terms and objectives of a project or service contract, including deliverables, timelines, and expectations. It acts as a guide for both the customer and vendor, defining what needs to be done and how it will be accomplished. The SOW plays a crucial role in clarifying project requirements and ensuring successful project completion.