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The video tutorial discusses the importance of the Statement of Work (SOW) in project management, focusing on PMBOK or PMI. The SOW is a document that outlines the terms and objectives of a project or service contract, including the scope of work, deliverables, timelines, and expectations. It serves as a guide for both the customer and vendor, defining what needs to be done. Essentially, the SOW is a document that specifies the tasks and responsibilities of all parties involved in the project.