Regular mammographic screening of breast cancer increases ionizing radiation exposure risks; hence, a screening method intermediate between physical examination and mammography using short-span temporal fluorescence spectroscopy from liquid samples has been introduced. Additionally, The success of surgical treatment of breast tumors depends on complete tumor resection. Inadequate tumor resection with positive margins is a frequent problem and has a 12% incidence worldwide. It leads to cancer resurrection and increased adjuvant treatment costs and morbidity. Optical spectroscopic techniques, especially fluorescence imaging and Raman spectroscopy, are very beneficial in tumor resection. Though they are suitable for intraoperative procedures, the cost involved, speed of signal acquisition and sensitivity and specificity are a few associated shortcomings. This work also demonstrates bi-modal spectroscopy using Raman and Fluorescence spectroscopy that is quick, cost-effective and provides accurate quantitative margin predictions by leveraging the complementary advantages of combining them. This is achieved by designing a novel multi-modal silicone-based phantom for calibrating multi-modal spectroscopy followed by fluorescence mapping for quickly scanning a large suspicious area. Finally, a cost-effective, low-resolution bi-modal spectroscopy is used to predict the tumor localization parameters, such as depth and thickness of the tumor, with improved accuracy compared to independent modalities. Further, in-silico investigations are carried out to optimize the margin prediction using single-channel Spatially Offset Raman spectroscopy and machine learning techniques.