Oversight

I’ve always known the word "oversight" to refer to an error that arose due to carelessness.  I have however, repeatedly come across the word "oversight" used as the noun of "oversee”.  I checked www.dictionary.com for the meaning of the word and this is what it says:

o·ver·sight
–noun
1.  an omission or error due to carelessness: My bank statement is full of oversights.
2.  unintentional failure to notice or consider; lack of proper attention: Owing to my oversight, the letter was sent unsigned.
3.  supervision; watchful care: a person responsible for the oversight of the organization.

Isn’t it strange that the same word could have opposite meanings?

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