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In this tutorial by MD Tech, viewers learn how to undo and redo actions in Microsoft Word. To undo an action while typing, users can press "Ctrl + Z" or click the back arrow in the toolbar under the Home tab. To redo an action, the shortcut "Ctrl + Y" can be used, or by clicking the right arrow icon. The tutorial emphasizes that these functions are straightforward and aims to assist users in efficiently managing their editing tasks.