(a) What does it mean to 'measure exchange rate exposure'?

(b) Why is it that the management of transaction exposure, that is, hedging of individual transactions, renders attempts at the measurement of exchange rate exposure redundant?

(c) Under what conditions, if any, would the measurement of exchange rate exposure add value, even though a company manages transaction exposure?

(d) If we abstract away from the management of transaction exposure - that is, assume a company does not manage exchange rate exposure, transaction by transaction - how exactly does the measurement of exchange rate exposure add value?