Risk analysis is one of the method to determine How much risk is involved in something. The method is use to determine when to test something or whether to test something or not. High risk item should be test early and Low risk item can be tested later or not at all.
Risk Analysis can be used for defects :
Severity: It define how bad a defect is and how much it can effect the software.
Priority: It define how soon the defect is fixed.
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