Final answer:
The problem is with timeliness, as information needs to be available when it is required for decision-making. Timeliness is crucial because even relevant and complete data is useless if it's too late to impact a decision, especially when working with imperfect information.
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 information being available when it is needed in order to affect the outcome of a decision. A lack of timely information can render otherwise relevant and complete data ineffective because the decision-making process has already passed the point where the information can be utilized.
Every day, we are inundated with decisions that must be made, from mundane daily choices to major life decisions, like whether to add a semester to our education in order to double major. While we strive to gather all necessary information to make these decisions, often referred to as "perfect" information, the reality is that we typically operate with "imperfect" information. This concept highlights the importance of having not just adequate, but also timely information to guide our choices. Decisions are only as good as the information they are based on, and if that data arrives late, it ultimately compounds the challenge of decision-making in an already information-saturated environment.