The software that is based on component is aimed at developing large software systems thorough combining the existing software components. Before integrate different components, first one need to identify whether functional and non functional properties of different components are feasible and required to be integrated to develop new system or software. Deriving a quality measure for reusable components has proven to be challenging task now a days. This paper proposes a quality metric that provides benefit at both project and process level, namely Fault Clearance Effectiveness (FCE). This paper identifies the different characteristics that component should have so that it can be used again and again. Component qualification is a system of finding out the fitness for use of existing components that will be used to develop a new system.