DEFECT PRIORITY, also known as Bug Priority, indicates the importance or urgency of fixing a defect. Though priority may be initially set by the Software Tester, it is usually finalized by the Project/Product Manager.
priority: The level of (business) importance assigned to an item, e.g. defect.
Priority can be categorized into the following levels:
1) Urgent: Must be fixed immediately / in the next build.
2) High: Must be fixed in any of the upcoming builds but should be included in the release.
3) Medium: May be fixed after the release / in the next release.
4) Low: May or may not be fixed at all.