This HBR article gives advice on what to do when one makes a mistake.  It reads like a PR text.  One should take responsibility without ducking or blaming, address what needs to be done right now and share what you will do differently next time.  It is transparency and an admission that no one is perfect.  The fear an errant manager has is loss of respect from bosses and subordinates.  There is a chance that one loses the capacity to lead if the mistake was bone-headed enough.  On the other hand, acting with arrogance and denial only makes things worse and will compromise one’s authority.  The best practice is transparency, owning up and moving forward the best one can.  

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