Priority means “Importance of the defect w.r.t customer requirement”.And also it indicates how fast theDeveloper should act on it.
Severity means “Seriousness of the defect w.r.t functionality”.How it affects the Testing.
Severity
1 - Urgent
2 - High
3 - Medium
4 - Low
Status
New
Open
Returned for closure
Duplicate
Cancelled
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