Abstract: A system and a method for managing resources, using prediction models for estimating required resources for a selected activity in the worksite, is disclosed. This involves capturing object data related to actual resources utilized for the selected activity; and further accessing, from the BIM files, historic data about consumed resources for one or more other activities similar to the selected activity. A preliminary prediction model is used to estimate required resources for the selected activity by extrapolating the historic data related to consumed resources associated with the one or more other activities. Further, a variance between the estimated required resources and actual resources utilized is calculated for the selected activity, and the obtained information is utilized to refine the said preliminary prediction model so that it may provide better prediction for subsequent request for queries related to estimation of resources for any activity in the worksite.