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In this YouTube video tutorial, the concept of a Statement of Work (SOW) is explained as a detailed document outlining the requirements, work to be done, products to be created, deadlines, and processes to be followed. The SOW is often a contractual document, attached as an appendix to the main contract for specific projects. It can include various elements agreed upon by both parties, such as project background, product specifications, acceptance criteria, quality standards, financial measures, and management processes.