1. A system for facilitating context understanding for developing a software solution for a project, the system comprising: a processor; an input/output (I/O) interface coupled to the processor and to receive a plurality of parameters associated with the project; and a memory coupled to the processor and to the I/O interface, the memory comprising: a cybernetics module stored in the memory and executable by the processor and to generate a cybernetics influence diagram (CID) using the plurality of parameters, wherein the CID is indicative of an influence of at least one parameter of the plurality of parameters on at least one other parameter of the plurality of parameters; identify, based on the CID, merge points as one or more parameters, from the plurality of parameters, that are influenced by at least three other parameters; identify, based on the CID, burst points as one or more parameters, from the plurality of parameters, that influence at least two other parameters; and determine key thrust areas (KTAs) by grouping the merge points and the burst points; a framework generating module stored in the memory and executable by the processor and to generate a stakeholder framework associated with the project based upon user inputs, wherein the stakeholder framework is indicative of at least one of stakeholders involved in the project, needs of the stakeholders, alterables associated with the project, and constraints associated with the project; and derive a set of stakeholder objectives based on the stakeholder framework, wherein the set of stakeholder objectives is for the project; and a matrix generating module stored in the memory and executable by the processor and to generate a traceability matrix template to map each of the KTAs against each stakeholder objective from the set of stakeholder objectives.