Which of the following approaches would be best for quantifying the potential benefits of a new IT system?

Cost-benefit analysis is the best approach for quantifying the potential benefits of a new IT system because it provides a systematic method for evaluating the financial implications of the investment. This analysis involves identifying all costs associated with the IT system, including development, implementation, and ongoing operational expenses, and juxtaposing these against the expected benefits such as increased efficiency, enhanced productivity, and potential revenue growth.

By converting benefits into monetary terms, cost-benefit analysis allows decision-makers to see a clear comparison between what is spent and what is gained. This method not only aids in assessing the financial viability of the project but also helps prioritize IT initiatives based on their anticipated returns. It can also facilitate communication with stakeholders by presenting a straightforward justification for the investment.

In contrast, qualitative assessment focuses on subjective measures which, while important, do not provide a quantifiable view of benefits. Historical trend analysis examines past performance, which may not accurately predict the outcomes of a new system. Benchmarking compares performance against industry standards or competitors, which is valuable for context but does not directly quantify the specific benefits of implementing a new IT system.