The camshaft position sensor monitors the motion of the camshaft and sends data to the ECM to regulate fuel injection. A failed camshaft position sensor can cause issues starting the engine and affect performance due to sending incorrect signals. Symptoms include poor fuel economy, knocking noises, excess fuel in the combustion chamber, and triggering the check engine light. It is important to repair a failed camshaft position sensor to avoid decreased engine performance and fuel mileage.