Abstract: The disclosed embodiments illustrate methods and systems for formulating a policy for crowdsourcing of tasks. The method includes receiving a set of incoming tasks and a range associated with a task attribute corresponding to each task in the set of incoming tasks. Thereafter, an execution of a first policy is simulated over a period of time to determine one or more first performance metrics, associated with the execution of the first policy. The first policy is based on a first value selected from the range. Further, the first value is updated to generate a second value based on the one or more first performance metrics, wherein the second value is deterministic of the policy for crowdsourcing of the set of incoming tasks over the period of time.