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The video tutorial discusses the importance of a Statement of Work (SOW) in project management, as part of the Project Management Body of Knowledge (PMBOK) or PMI. The SOW is a document that outlines the terms and objectives of a project or service contract, including deliverables, timelines, and expectations. It serves as a guide for both the customer and vendor, defining what needs to be done and the scope of work required to meet the project goals.