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In this video, Thomas Suit discusses the importance of a Statement of Work (SOW) in project management, particularly in the context of PMBOK or PMI. The SOW is a document that outlines the terms and objectives of a project or service contract, including deliverables, timelines, and other expectations. It serves as a guide for defining the scope of work between the customer and the vendor, clarifying what needs to be done. The SOW essentially acts as a roadmap for the project, ensuring clarity and alignment between all parties involved.