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In this video, Thomas Suit discusses the Statement of Work (SOW), a key concept in project management, particularly within the PMBOK framework. The SOW is defined as a document that outlines the terms and objectives of a project or service contract. It includes the scope of work, deliverables, timelines, and other expectations between the customer and the vendor. Essentially, the SOW serves as a formal agreement detailing what the customer requires and what the vendor is expected to deliver, ensuring clarity and alignment on project goals and responsibilities.