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In this YouTube video tutorial, Thomas explains the concept of a Statement of Work (SOW) in project management, as per the PMBOK or PMI. The SOW is a document that outlines the terms and objectives of a project or service contract, including scope of work, deliverables, timelines, and expectations. It serves as a guide for both the customer and vendor, defining what needs to be done. The SOW essentially acts as a document that outlines the scope of work and expectations between the parties involved.