Book excerpt: Studies show that U.S. companies lose approximately $75 billion annually on failed or mismanaged projects. Avoid the many pitfalls and deliver projects on time, within budget, and of the scope and quality desired by the client, with a highly successful tool called the Statement of Work (SOW). In Delivering Project Excellence with the Statement of Work, author Michael Martin explains what an SOW is, how it's developed and used on a project to establish a baseline, develop pricing, and measure changes and profitability, and how to communicate and sell the importance of the SOW to the client and your own organization. Included with this book is a bonus CD-ROM with sample SOWs, templates, and forms to help you manage change to the project throughout its life cycle. This is a must-have book for every project leader, manager, team member or client.