Its the measure as to what extent the bug is harmful. Its classified as Blocker, major, minor, tivial, fatal,enhancement and intermittent
Major : The defect causes product failure or departure from requirements
Minor : This defect will not cause product to fail on execution of product.
Fatal : Hardware failures and other catastrophic problems
Intermittent : At times the defect can reproducible and some times not.
Priority :
Is the measure as how fast the bug has to be fixed by the development team. Highest, High, Medium and lowest
Defect status :
Open
Closed
fixed
defered --> hold back to a later time
cancelled