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In this video, Thomas Suit discusses the Statement of Work (SOW) in project management, relating it to the Project Management Body of Knowledge (PMBOK) or PMI. The SOW is a document outlining the terms and objectives of a project or service contract, including scope of work, deliverables, timelines, and expectations. It serves as a guide between the customer and vendor, defining what needs to be done. The SOW is essentially a document that outlines what the customer wants and what the vendor needs to do.