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The video tutorial discusses the concept of the Statement of Work in project management, also known as SOW. It is an essential document that outlines the terms and objectives of a project or service contract. The SOW includes the scope of work, deliverables, timelines, and other expectations between the customer and vendor. It defines what needs to be done and helps in clarifying the project requirements. The SOW is like a roadmap for the project, ensuring that both parties understand their roles and responsibilities.