Rafa Benitez admitted it was an opportunity missed for Newcastle after they were beaten 3-1 on penalties by 10-man Hull in the quarter-finals of the EFL Cup, on Tuesday.
The Magpies looked to be on their way to the last four after Dieumerci Mbokani was sent off in the 89th minute and then Mohamed Diame scored in extra-time.
But Robert Snodgrass replied for the hosts and Newcastle only scored one of their four penalties in the shoot-out.
Asked whether it was a missed opportunity, Newcastle boss Benitez told Sky Sports: "Clearly. The way we played, the situation we had, against 10 players, and 1-0 up, we have to manage better.
"I am really pleased with the performance and the attitude for a long time, but disappointed because we didn't manage the situation properly with the advantage."
Benitez added that the Magpies, who are two points clear at the top of the Championship, can take some positives from pushing Premier League Hull so close.
"The way we played away at a Premier League team means we are strong enough to manage the situation, but we need experience to ensure we do it in the right way," he said.
"It's something you can learn from in situations like this and you will improve from these kinds of goals, mistakes and penalties that give you something to learn."
Hull, meanwhile, are into the semi-finals of the competition for the first time in their history, and manager Mike Phelan hailed a "heroic" display.
"It's tremendous for the players," he told Sky Sports. "Opportunities like this come along and for the first time we have taken one. That means these players can be remembered for taking this club into a semi-final.
"Hopefully now we get a nice draw but there are some big teams in there and we will have a busy January.
"On the day we performed heroically, we stuck to our task and played against adversity at times, but we have come through."
Phelan also praised goalkeeper Eldin Jakupovic, who saved from Jonjo Shelvey and Yoan Gouffran in the shoot-out.
"I'm pleased for Eldin, I'm pleased for all of them," said Phelan. "Eldin's been in the cup competitions all the way through.
"He's performed well tonight and going into the penalty shoot-out he was probably the right goalkeeper to have there because his record is pretty good in those situations.
"I brought in another good goalkeeper and we've now got two good goalkeepers. Allan McGregor's on his recovery, so we may end up with three terrific goalkeepers and we may have to use them.
"It's important they stay focused. Eldin's done that. He's taken his opportunity tonight, he's probably been the hero and hopefully he'll be a hero again."
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