Every application software that we propose to develop can be thought of a group or collection of related requirements specified by the user and these requirements are the foundation from which the quality of the software is measured. Until now there is no concrete measurement methodology for measuring the requirements of any application software. A new value driven quantitative measurement approach is presented in this research work. These values associated with each of the requirements are collectively called as Requirement Factor Values (RFV). This new measurement method uses the Goal-Question-Metric (GQM) approach and it is one of the most powerful approaches available for metrics measurement. In this work, seven factors-customer priority of requirements, implementation complexity, changes in requirements, fault impact of requirements, completeness traceability and execution time are considered to be the primary ingredients of every requirement of the software and every requirement is characterized by the numerical values of these factors. A Java based application system has been developed that takes questionnaires, various parameters/values associated with each of the requirements and generates these factor values for each requirement of the software. These requirement factor values can be used in many ways such as measuring the quality of the software, test case design and optimization, test case prioritization.