Bug Severity & Priority
Severity is the primary measure of bug. Severity is the effect / impact of the bug on the system under test. A bug causing a program crash may be of high severity than a small cosmetic mistake.
Priority tells us how important it is to fix that bug. Priority reflects a business decision as to how soon that bug should be fixed.
Few important resources related to Severity & Priority:
Setting Bug Severity and Priority includes Guidelines for Setting the Severity and Priority of Bugs Found in Software Development Projects
Setting bug Severity and Priority
Defect severity vs. priority with examples on high severity, low priority and high severity, low priority etc.
Defect Severity and Priority
Why do we need two parameters, severity and priority, for a defect Can't we do only with one?
Bug Parameters
Issue Priority and Severity
Issue Priority and Severity
Categorizing Defects by Eliminating "Severity" and "Priority"
Eliminating Severity and Priority