Panicking will not do you any good, and in truth there is
probably not much you can do except work damage control. The best tip is to
admit your mistake to your bosses the moment you realize you have made it. They
will probably be angry at first, but a professional boss will cool down a lot
quicker if you are candid than if you try to hide your error and delay the
inevitable. Nor should you make excuses for your mistake. Even if you do have a
good reason, rather than attempt to mitigate your blame you should simply apologize,
take responsibility and try to fix what has happened.
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