@Adam Wicks, The below line was added to the import.bar.cmd script located in Oracle_Home\bi\modules\oracle.bi.servicelcm\scripts\. I was able to execute the script successfully. Thanks Joel and Adam for your help.

@Adam Wicks, Can you please confirm if the path of the below line modified is located in Oracle_Home\bi\modules\oracle.bi.servicelcm\scripts\import.bar.cmd? -Doracle.bi.servicelcm.producthome=%PRODUCT_HOME% Please advise. Thanks in advance. Emmanuel