Risk based Testing (RBT) is a type of software testing that prioritize the features and functions to e tested based on priority /importance and likelihood or impact of failure. In theory, since there are an infinite number of possible tests, any set of tests must be a subset of all possible tests.
Most of the people consider James Bach to be the 'father of Risk based testing.
Activities involved in RBT
Risk Identification involves collecting information about the project and classifying it to detemine the amount of potential risk in the test phase and in production.
Risk Strategy involves the identification and assessment of risks and the development of the contingency plans for for possible alternative project or the mitigation of all risks.
Risk assessment means determining the effect (including cost) of potential risks.
Risk Mitigation is based on information gained from the previous actives of identifying, planning and assessing risks. Risk mitigation/avoidance activities or minimize their impact
Risk Reporting is based on information obtained from the previous topics and it's very often done in standard graphs.
Risk Predication involves forecasting risks using the history and knowledge of previously identified risks
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