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In this project manager Master Class video, the importance of a detailed statement of work (SOW) is emphasized. The SOW serves as an agreement between the project manager and the client, outlining the budget, deliverables, and the project’s scope—what is included and what is not. The discussion highlights a misunderstanding regarding the necessity of detailed documentation to prevent disputes. The speaker stresses that having a clear SOW protects the project manager, especially when disagreements arise with clients. Key elements mentioned for inclusion are deliverables, due dates, and pricing, implying that clarity upfront can help avoid conflicts later.