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In this video, Thomas Suit discusses the Statement of Work (SoW), which is a key element related to project management as defined by PMBOK and PMI. The SoW is a document that outlines the terms and objectives of a project or service contract, detailing the scope of work needed to achieve goals, including deliverables, timelines, and other expectations. It serves as a crucial agreement between the customer and vendor, specifying what the customer desires and the tasks the vendor must perform. Essentially, the SoW clarifies the project's expectations and requirements, ensuring both parties understand their roles and responsibilities.