What important managerial function is impaired by not having access to timely and accurate information? What is the effect of this lack of data?

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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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