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The video tutorial by Thomas Suit discusses the concept of a Statement of Work (SOW) in project management, specifically within the PMBOK or PMI framework. The SOW is a document outlining the terms, objectives, scope of work, deliverables, timelines, and expectations for a project or service contract. It acts as a guide for defining tasks and responsibilities between the customer and the vendor, clarifying what needs to be done. The SOW is essentially a detailed document specifying the work to be completed.