Economic vs. Risk based Testing
Risk-based testing is essentially a business risk mitigation process. The focus is therefore on identifying potential software risks, and on evaluating their likelihood of occurrence and degree of impact. This risk evaluation is then used to prioritize the execution of tests, with a key goal being to minimize the number of test cases – and therefore the time and cost required for testing.
Economic testing is a fundamentally different approach, as it is a “success enabling process.” Thus, the focus is not on potential problems, but instead on potentials for success. The following analogy should help illustrate the difference: