The objective of performing risk analysis as part of test planning help allocate limited test resources to those software components that pose the greatest risk to the organization. Testing minimizes software risks. To make software testing most effective it is important to assure all the high risks associated with the software, will be tested first.

Risk analysis can be done in the following steps

  1. Identify the risk analysis team

  2. Identify risks - Creation of risk scenarios and checklist

  3. Estimate the magnitude of the risk by using formulas

  4. Select testing priorities - rank the risk and act on it

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