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Describe the Process Involved in Financing Imports and Exports Using

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Essay

Describe the process involved in financing imports and exports using a letter of credit. Why has this system developed? What is the advantage of using this system?


Definitions:

Michael Hammer

An American engineer, management author, and a proponent of reengineering business processes to improve performance.

Work Process

A sequence of steps or activities that are carried out to achieve a specific goal within an organization.

Equally Rewarded

A principle where individuals or groups receive similar recognition or compensation for their efforts or contributions.

Work Process

The defined sequence of operations or activities aimed at achieving a specific goal or producing a specific output.

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