How would you set your priorities, if your team is working on a very sensitive project which is on the verge of completion, another project comes in which is very important?

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The first thing that I would look into while taking a new project is the learning curve that would have to be generated. If the learning curve is too high, I would give the assignment to a senior, taking the work that he or she already has and give it to a junior resource. This way, the new assignment will be worked on side by side with the old assignment, enabling simultaneous implementation of both assignments.
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