Translation & Operating Exposure

What do you see as the primary difference between operating exposure and translation exposure? Would this have the same meaning to a private firm as a publicly traded firm? Why or why not?
Your initial post must be in your own words, be a minimum of 450 words in length. 

Students should demonstrate their own knowledge in the forums and avoid copying and pasting from web sites. Responses will be graded directly from the Forums.
Make sure you are using credible sources in your assignments. Scholarly journals are the preferred source of credible/quality references. These consist of peer-reviewed articles published in academic journals related to the field, which are found via our Library.  Websites such as Investopedia, ask.com, answers.com, or dictionary-type of websites limit the insight to the topics. Wikipedia is not acceptable as it is not a reliable or credible source of reference. The purpose is to bring in new information and how does it apply to our topic from a real-world perspective, instead of extending on definitions that are found in the book.

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