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This will become a common problem for you in IT. A good way to approach this problem would be to re-estimate the new total cost and then consider if the overall objective of the project is worth this new cost. Depending on the scale of the project it may be a good idea to discuss this with a superior. At the end of your answer tell the interviewer how you would implement a system to avoid this problem happening again in the future, and even ways you may have prevented it in the first place.
As an applicant you should appear to keep very up to date with current technological advancements and should be able communicate that information succinctly and clearly. You may have been required to present at seminars at university, which provides a suitable example. The key here is to demonstrate that not only can you communicate with other IT specialists, but also with those with less knowledge in this subject area, so avoiding use of jargon and avoiding sounding patronizing.
As a job seeker you should push for new technical training in order to implement this new knowledge into work practices. Acknowledge that the sector of IT is evolving constantly and that technical knowledge must be updated and incorporated regularly. However also note that a solid background knowledge is key to build upon, and that you have this, as well as being willing to adapt to new developments.