1. A method for determining a reuse factor for efficiently determining reusability associated with a set of resources for a project, the method comprising: a. identifying the set of resources for the project from a repository based on type of the project, the repository comprising a plurality of resources associated with a plurality of types of projects, the repository further comprising predetermined saved-effort associated with the reuse of each of the plurality of resources; b. estimating total effort saved by using each of the identified set of resources in one or more stages of the project, wherein the estimation is performed based on the predetermined saved-effort associated with the reuse of each of the identified set of resources and total number of resources in the identified set of resources; c. selecting one or more resources from the identified set of resources for the project, wherein the one or more resources are selected by analyzing impact of the identified set of resources on execution of the project; d. estimating total effort saved by using each of the selected one or more resources in the one or more stages of the project, wherein the estimation is performed based on the predetermined saved-effort associated with the reuse of each of the selected one or more resources and number of times each of the selected one or more resources are used in the one or more stages of the project; and e. estimating the reuse factor based on the estimated total effort saved by the use of the identified set of resources and the estimated total effort saved by the use of the selected one or more resources.