Method of optimizing execution of test cases and a system thereof

A test optimization computing device, comprising:

• a memory;
• and
• a processor coupled to the memory, the processor configured to execute programmed instructions stored in the memory comprising:
• calculating a failure probability level of a plurality of test cases based on a plurality of test results associated with each of the plurality of test cases;
• determining a dynamic risk profile level based on weights assigned to the failure probability level and a risk impact parameter of the plurality of test cases;
• determining one or more sets of optimal test cases to be executed from the plurality of test cases based on the dynamic risk profile level of the plurality of test cases and satisfying one or more test rule parameters;
• and
• executing the one or more set of optimal test cases.

A non-transitory computer readable medium having stored thereon instructions for optimizing execution of test cases comprising machine executable code which, when executed by a processor causes the processor to perform steps comprising:

• calculating a failure probability level of a plurality of test cases based on a plurality of test results associated with each of the plurality of test cases;
• determining a dynamic risk profile level based on weights assigned to the failure probability level and a risk impact parameter of the plurality of test cases;
• determining one or more sets of optimal test cases to be executed from the plurality of test cases based on the dynamic risk profile level of the plurality of test cases and satisfying one or more test rule parameters;
• and
• executing the one or more set of optimal test cases.