1. A method for predicting an Elapsed Response Time (ERT) of a query to be executed in a production database, the method comprising: creating, by a processor, an emulated database in a development environment based on empty schema derived by extrapolating statistical information sensitive to data size from the development environment, the emulated database corresponding to a production database containing voluminous data; generating, by the processor, a query execution plan of a query based on the emulated database, wherein the query execution plan indicates one or more sub-queries of the query, the sub-queries to be executed on the production database, and wherein each sub-query is associated with operational parameters; classifying, by the processor, each sub-query into at least one type of scan based on the operational parameters, wherein the type of scan comprises a full table scan, a primary index scan, a fast index scan, and a non-unique index scan; executing, by the processor, each sub-query on a test database of the development environment to determine an Input Output (TO) access time corresponding to each sub-query and an operator time corresponding to each sub-query, wherein the IO access time is determined based on the classification, and wherein the operator time is determined based on one or more operators of each sub-query; predicting, by the processor, the ERT of the query to be executed in the production database based on the IO access time, the operator time, and a network time, wherein the network time indicates a time required to transmit data retrieved upon executing each sub-query over a network; and defining a performance benchmark value for the query, wherein the performance benchmark value is defined based on the ERT, the predicted sub-query execution time, an IO Cost, logical reads, physical reads, a cardinality, and an output size.