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Using your Issue Tracking tool: Setting Issue Priority and Severity
Priority: A priority classification of a software error is based on the importance and urgency of resolving the error. The priority classification is as follows:
Immediate The bug should be resolved immediately.
High - This bug should be resolved as soon as possible in the normal course of development activity, before the software is released.
Medium This bug should be repaired after serious bugs have been fixed.
Low It can be resolved in a future major system revision or not be resolved at all.
 
Severity: A severity classification of a software error is based on the degree of the error impact on the operation of the system. The severity classification is as follows:
Critical The bug causes a failure of the complete software system, subsystem or a program within the system.
High - The bug does not cause a failure, but causes the system to produce incorrect, incomplete, inconsistent results or impairs the system usability.
Medium The bug does not cause a failure, does not impair usability, and does not interfere in the fluent work of the system and programs.
Low The bug is an aesthetic, is an enhancement or is a result of non-conformance to a standard.