The present invention provides a method, system and computer program product for estimating resource factors for a steady state execution of a project. The resource factors are associated with a second set of resources. A required effort associated with a first set of resources executing the project is received. Thereafter, a primary effort estimate is calculated. Subsequently, first pre-defined parameters and second pre-defined parameters are assigned corresponding weights. A value corresponding to each of the resource factors is then generated on the basis of the primary effort estimate, weighted first pre-defined parameters and weighted second pre-defined parameters and available time associated with the second set of resources.