Current trends in the software development are focused on creating systems by integrating previously developed software components. This approach called as Component Based Software Engineering aids in the reusability of the code and helps to reduce the cost of software development. Component Based Software Engineering is focused on assembling existing components to build a software system, with a potential benefit of delivering quality systems by using quality components. The quality of a component based system using high quality components does not therefore necessarily guarantee a system of high quality, but depends on the quality of its components, and a framework and integration process used. Hence, techniques and methods for quality assessment of a component based system would be different from those of the traditional software engineering methodology. Using metamodeling and formal methods in the design phase could lead to a high quality software component. It is essential to quantify factors that contribute to the overall quality, for instances, the trade off between cost and quality of a component, analytical techniques and formal methods.