Final answer:
A problem with the timeliness of information affects decision-making as it refers to having the necessary data when needed. Even though information is often imperfect, timely information can improve the decision-making process.
Step-by-step explanation:
If information arrives too late to impact a decision, then there is a problem with timeliness. In the context of decision-making, timeliness refers to having information available when it is needed to make informed decisions. We live in the Information Age where we are constantly bombarded with data and must sift through to make both simple and complex decisions. Our response to these choices relies heavily on the information at hand; however, information is often imperfect. Economists suggest that we rarely have all the data needed for perfect decisions, yet we continue to make choices based on the information we have, striving for relevance and completeness without an overload. An issue with timeliness can render otherwise relevant and complete information useless if it's not provided when needed, underscoring the critical importance of receiving data on time to inform our decisions adequately.