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The Complete Glossary of Project Management office
Accept - A decision to take no action against a threat. Project teams typically accept risks when they fall below risk thresholds or when the team thinks it best to act only if and when a threat occurs. (See also risk acceptance)

Acceptance criteria - The specific requirements expected of project deliverables. To be formally accepted, deliverables must meet all acceptance criteria.

Acceptance test - A test in which a team of end users runs a product through its full range of use to identify potential problems.