Oversight
Vine's Expository Dictionary of NT Words [1]
lit., "to look upon" (epi, "upon," skopeo, "to look at, contemplate"), is found in 1—Peter 5:2 (some ancient authorities omit it), "exercising the oversight," RV (AV, "taking ..."); "exercising" is the right rendering; the word does not imply the entrance upon such responsibility, but the fulfillment of it. It is not a matter of assuming a position, but of the discharge of the duties. The word is found elsewhere in Hebrews 12:15 , "looking carefully," RV. See Look. Cp. episkope in 1—Timothy 3:1 (see Bishop , No. 2).
Webster's Dictionary [2]
(1): ( n.) An overlooking; an omission; an error.
(2): ( n.) Escape from an overlooked peril.
(3): ( n.) Watchful care; superintendence; general supervision.
King James Dictionary [3]
O'VERSIGHT, n.
1. Superintendence watchful care. 1 Peter 5 . 2. Mistake an overlooking omission error.