In business, it's rare for a manager to make decisions with all of the information in hand. The real world doesn't wait. Managers are often required to make complex decisions quickly, without having full knowledge of the situation.

Effective managers make decisions.
Even when they only have partial information, managers move forward—relying on their experience, intuition, and conviction. Effective decision-making under uncertainty is a key skill. Without this, you can't be a good manager.

However, that's not all that's important.
The ability to correct mistakes immediately is also crucial. No matter how carefully you go through the decision-making process, there will be times when you make the wrong choice. What's required is the flexibility to admit failure and change direction right away.

These traits are common among managers who grow over the long term.
Management is often operated with limited information. There is no such thing as perfect information or perfect timing. It's about making the best possible decision now and adjusting when needed.
That is the essence of management.