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The text is discussing the concept of a statement of work (SOW) in project management, specifically in relation to the Project Management Body of Knowledge (PMBOK) or Project Management Institute (PMI). 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 way to define the work to be done between the customer and the vendor, detailing what the customer wants and what needs to be delivered.