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In this video tutorial, Thomas Suit explains the concept of a Statement of Work (SOW) in project management. 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 guide for both the customer and the vendor, defining what needs to be done and ensuring clarity in project requirements. The SOW is an essential document in project management and is a key component of the PMBOK or PMI body of knowledge.