In Texas Hold'em, what is the significance of the position when making strategic decisions during a hand?

In Texas Hold'em, the position of a player at the table is crucial for making strategic decisions during a hand. Players in later positions have an advantage as they get to see the actions of other players before making their own decisions. This allows them to make more informed choices based on the information available. Players in earlier positions have less information and may need to be more cautious in their decisions.