A system and method for performing stimulation operations at a wellsite having a subterranean formation with of a reservoir therein is provided. The method involves performing reservoir characterization to generate a mechanical earth model based on integrated petrophysical, geomechanical and geophysical data. The method also involves generating a stimulation plan by performing well planning, a staging design, a stimulation design and a production prediction based on the mechanical earth model. The stimulation design is optimized by repeating the well planning, staging design, stimulation design, and production prediction in a feedback loop until an optimized stimulation plan is generated.