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In this tutorial, MD Tech explains how to undo and redo actions in Microsoft Word. To undo an action, you can press "Control + Z" on your keyboard or click the back arrow located in the toolbar under the Home tab. For redoing an action, use "Control + Y" or click the right arrow in the toolbar. This simple process allows users to easily manage their typing actions in Word. The video concludes with the host expressing anticipation for the next tutorial.