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Professor K discusses the importance of developing a Statement of Work in project management. This tool outlines work requirements, timelines, specific services, deliverables, and budgetary information for all key parties involved in a project. The Statement of Work ensures clarity on the scope of the project and is the final document before work begins. It outlines what will be delivered and each party's responsibilities to the customer. It is the first step to complete with stakeholders before starting a project and includes the scope of work, schedule, and budget.
