Methods and systems for a networked storage system are provided. One method includes receiving a resource identifier identifying a resource of a network storage environment as an input to a processor executable application programming interface (API); and predicting available performance capacity of the resource by using an optimum utilization of the resource, a current utilization and a predicted utilization based on impact of a workload change at the resource, where the optimum utilization is an indicator of resource utilization beyond which throughput gains for a workload is smaller than increase in latency in processing the workload.