A system, method, and computer program product are provided for selecting at least one new physical element and/or virtual element for use in a system including a network function virtualization orchestrator (NFV-O). In use, information corresponding to data traffic associated with a network system including an NFV-O module is identified, the NFV-O module being operable to manage data flow associated with one or more Virtual Network Functions (VNFs) and one or more physical elements of the network system. Additionally, an overall expected usage of the network system is determined based on the information corresponding to the data traffic. Further a cost of implementing at least one of one or more new physical elements or one or more VNFs is determined, based on the overall expected usage. Moreover, at least one of the one or more new physical elements or the one or more VNFs to implement in the network system is selected based at least partially on the determined cost of implementing the one or more new physical elements and the cost of implementing the one or more VNFs.