Priority:
The Priority status is set by tester to the developer mentioning the time frame to fix defect. If the high priority is mentioned then the developer has to fix it at the earliest. Priority depends on the urgency with which the bug need to fixed
Severity:
The Severity status is used to explain how badly the deviation is affecting the build. Severity depends on the harness of the Bug.
Related Document:
Examples of Priority & Severity
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