What are two different cost-benefit methods? Describe how you would conduct a cost-benefit analysis for a proposed innovation project? In your answer cover the following: Initial steps to define the scope and objectives. Methods for identifying and categorising types of costs and benefits in the project. The approach used to quantify and monetise the costs and benefits, especially the intangible elements. Techniques to compare costs against benefits to determine project viability. Strategies to assess and incorporate potential risk and uncertainties