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In this video, Professor K discusses the importance of developing a Statement of Work in project management. This document outlines project work requirements, including timelines, specific services, deliverables, and budgetary information. It ensures all parties understand what is included in the project and what is not. The Statement of Work is the final agreement between you and the client before work begins, defining what will be delivered and your responsibilities. It is the first step in working with stakeholders and includes the scope of work, schedule, and other key project details.