Final answer:
Failing to record a customer's order results in violating the control goal of ensuring input completeness. Methods such as improved data entry controls and using real-time validation systems can mitigate the risk of imperfect information, which otherwise can adversely affect price, quantity, and quality of inventory and products.
Step-by-step explanation:
Failing to record a customer's order for the purchase of inventory violates the control goal of ensure input completeness. This principle stipulates that all relevant data should be recorded in its entirety. A missed order represents a gap in information that can adversely impact business operations and decision-making.
Ways to Reduce the Risk of Imperfect Information
- Implementing stringent data entry controls and verification procedures.
- Maintaining accurate and up-to-date documentation and records.
- Using technology like data management systems that may include real-time input validations.
Impact of Imperfect Information on Price, Quantity, and Quality
Imperfect information can lead to suboptimal decision-making. When information is incomplete or inaccurate, it can affect the price due to misjudged valuation, influence the quantity of orders placed, due to misunderstood stock levels, and impede quality control mechanisms, potentially resulting in lower product quality.