According to the PMBOK® Guide, this party is responsible for managing stakeholder expectations.

A. Project manager, because actively managing stakeholder expectations will reduce project risk and help unresolved issues get resolved quickly.

B. Project sponsor, because the overall success or failure of the project rests on this individual.

C. All stakeholders have responsibility to make sure their expectations are managed and they receive the proper information at the right time.

D. Project manager and the project team members together have the responsibility because the project manager alone cannot manage all the stakeholders on a large, complex project.