What important managerial function is impaired by not having access to timely and accurate information? What is the effect of this lack of data?
What important managerial function is impaired by not having access to timely and accurate information? What is the effect of this lack of data?
Answer: The managerial function is decision-making. Without access to timely and accurate information business managers rely on forecasts, best guesses, and luck. The result is over- or underproduction of goods and services, misallocation of resources, and poor response times. These poor outcomes raise costs and lose customers.
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