If you're responsible for important project near completion but receive another important project that must be completed immediately. How do you multi-task and prioritize?

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Before beginning the new project, I determine what must be completed and estimate how long it will take and what resources are needed to successfully complete the project. If I'm confident it cannot be completed by the deadline, I would request that a superior be assigned the project, while recommending another co-worker to take responsibility for any current projects the superior is working on.
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