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In this video, Thomas Suit discusses the Statement of Work (SoW), a crucial document in project management, particularly within the framework of PMBOK by PMI. The SoW outlines the terms and objectives of a project or service contract, detailing the scope of work necessary to achieve those objectives. It encompasses deliverables, timelines, and other expectations, effectively establishing a mutual understanding between the customer and the vendor. The customer articulates their needs and expectations, while the SoW serves as a formal document that defines the project's scope and requirements.