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In this YouTube tutorial, Thomas Suit discusses the importance of a Statement of Work (SOW) in project management, specifically in the context of PMBOK or PMI. A SOW is a document that outlines the terms, objectives, scope of work, deliverables, timelines, and expectations for a project or service contract. It serves as a guide for both the customer and vendor to understand what needs to be done and how it will be accomplished. Essentially, the SOW defines the scope of work and responsibilities between the parties involved.