How Do I Handle It When I’m Wrong?

Everyone has had and will have the experience of being wrong, of making mistakes and of not understanding something well enough to properly represent it.  Everyone!  The question is not about what to do IF these things happen; the question is how do we handle it WHEN these things happen?  Making mistakes and being wrong are never comfortable experiences, but they are priceless in their value if we allow them to be.  So, how do we allow them to be priceless?  When we are wrong, do we face it or ignore it?  When we make a mistake, do we 'fess up or bury it?  Further, how can we identify the thought and behavior processes that bring us to wrong conclusions and actions so we can avoid repeating the same old mistakes over and over again?