Risk Based Testing and the strategy behind risk based testing

Risk analysis is applicable on the level of system, subsystem and individual function or module. Testing is used in software development to reduce risks associated with a system. Risk-based testing (RBT) is a type of software testing that prioritizes the features and functions to be tested based on the risk they represent.
Risk-based testing is a skill. It’s not easy to know the ways that a product might fail, determine how important the failures would be if they occurred, and then develop and execute tests to discover whether the product indeed fails in those ways.
The main input into risk based testing is the business requirements supplied by the customer of a software application or system which outlines all of the features which must be present and explain how they should work, how each process should function and what the software should do.

Test managers prioritize tests to fit in with the project’s schedule and the test resources available.A risk based approach to testing takes a much deeper look at the real underlying needs of the project and what really matters to the end-customer.
Risk based testing is about carefully analysing each requirement and each test to ensure that the most important areas of the system and at the same time, those areas which are more likely to experience a failure receive the most attention from the test team. When risk based testing is deployed, every requirement must be rated for likelihood of failure and the impact of failure.
By analyzing the risk of a failure occuring with a specific component or feature and also the impact of failure if that component or feature failed in a real-life situation, project resources can be more efficiently allocated to focus on testing what really matters in the limited time available.
A risk based testing (RBT) approach can help save time and reduce costs on your testing project. Risk based testing enables the test manager to make an informed choice when allocating test resources on a project.