This is a tough one, but I'll go with C) Managing product delivery. The project board needs to ensure the successful delivery of products, which includes addressing any exceptions.
D) Directing a project seems more appropriate. The project board is responsible for providing overall direction and oversight, which includes responding to exception reports.
I think it's B) Managing a stage boundary. The project board would respond to an exception report as part of managing the transition between project stages.
Dorathy
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