Describe Each of the Four Important Principles Underlying Business Process

question 25

Essay

Describe each of the four important principles underlying Business Process Management (BPM).

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Definitions:

Perfect

In legal and financial contexts, to complete the necessary legal steps to secure a lien or claim on property as a security interest.

Collateral

Assets pledged by a borrower to secure a loan or other credit, and subject to seizure in the event of default.

Debtor

An individual or entity that owes money or an obligation to another, the creditor.

Secured Party

A lender or creditor who has an interest, typically through a lien, in the collateral offered by a borrower or debtor to secure a loan or obligation.