Final answer:
High-quality business decisions are made using information that is B. accurate, C.relevant, and D.timely. Imperfect information can impact business in terms of price, quantity, and quality.
Step-by-step explanation:
To ensure that information used for making business decisions is of high quality, several characteristics of information quality must be considered. These include accuracy, which refers to the correctness and precision of the data. Another key aspect is relevance, meaning the information should be directly related to the decision-making process or subject matter. Additionally, timeliness is crucial; information must be up-to-date to be useful for current decisions. Cost is also a factor, but it is more about the cost-effectiveness of obtaining the information rather than a direct characteristic of its quality.
Imperfect information can take many forms and its presence can significantly affect various business aspects including price, quantity, and quality. By ensuring the information you use is checked for these quality characteristics, you reduce the risk of imperfect information. For instance, with better accuracy, you reduce the risk of making decisions based on false data; by enhancing relevance, you ensure that the information you use is directly applicable to the situation at hand; and by keeping to timely information, you avoid the pitfalls of acting on outdated data which may lead to subpar decision-making.
When assessing the quality of online resources, which are typically unregulated, it's essential to critically evaluate the information considering these facets. Reliable information ought to be supported by specific facts, statistics, and examples that underline its trustworthiness. Not all sources will provide perfect information, and the level of imperfection will vary depending on what exactly is being assessed. Nonetheless, each source can still add value but understanding their contribution to the bigger picture is vital.