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In this video tutorial, Thomas Suit discusses the Statement of Work (SOW) in the context of project management, specifically referencing PMBOK and PMI. The SOW is defined as a document that outlines the terms and objectives of a project or service contract. It includes essential elements such as the scope of work, deliverables, timelines, and other expectations. Essentially, the SOW serves as a communication tool between the customer and the vendor, clarifying what the customer wants and what the vendor is expected to deliver. It is a critical component for defining project requirements and ensuring both parties understand their responsibilities.