Tolerance forms a key element of allowing the Project Board to manage by exception. Which of the following statements are correct regarding tolerance? 1. The Project Board sets project tolerances 2…

Tolerance forms a key element of allowing the Project Board to manage by exception. Which of the following statements are correct regarding tolerance? 1. The Project Board sets project tolerances 2. Tolerances can be applied for Time, Cost, Scope, Quality, Benefit and Risk 3. The Project Manager sets Work Package tolerance 4. Cost tolerance should not be used to pay for authorized requests for change