In software development, an Issue or Bug is a glitch in your software system that causes the program to behave in a way other than designed. Issues can range from the show stopper, a fatal error that causes irreparable damage to your software system, to the very minor glitch. Obviously, each issue in the system is not going to have the same importance, or urgency, attached to it. Critical issues, the show stoppers mentioned above, need to be solved first before you can do anything else. Lower urgency issues are the minor ones, which you or your team can put off until time permits. 

Software bugs are so prevalent and so detrimental that they cost the U.S. economy an estimated $59.5 billion annually, or about 0.6 % of the gross domestic product.i An estimated $22.2 billion could be saved annually in the U.S. just by implementing an improved testing infrastructure to enable earlier and more effective identification, and
removal, of software defects!

These are large numbers, for sure. You’re probably thinking that since this cost is spread out over the entire U.S. economy, that the impact isn’t all too staggering. However, think about what 0.6% of your company’s annual revenues are! That’s probably a fairly large number; now imagine that you could prevent the loss of almost half that number simply by improving your software testing process. Testing is what ensures that your software application is of the high quality that your customers want. It’s what makes sure that the product you send out the door is consistent with your business goals. This is a HUGE piece of the software development lifecycle (SDLC); testing typically consumes 40 – 50% of any development project, and even more effort is needed for systems requiring a higher level of reliability.

http://www.elementool.com/ebook/SoftwareTestingMethods.pdf

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According to the market research company, Research and Markets, US spending on IT products and services is forecasted to grow to $514.5 billion in 2010. However, the estimated cost of IT failures to the US economy is $1 trillion! Now we’re talking about IT system failures and their net affect on the companies that rely on those systems. But you can bet money on the fact that the institutions and companies experiencing these losses know the IT company who built their system. Furthermore, they’re not going to be buying from that company again, much less recommending it to their partners and contacts. In any company, large or small, your reputation is your biggest asset – you want to be in that 8% group. If your IT projects are failing, then you are not going to win the market share you need to compete in that $514.5 billion market!
The following 5 principles lay out the steps you should be following, to make sure that your projects are completed on time, and on budget, successfully. Read them, learn them, know them, teach them and then make them stick.
Principle One: Communicate
• 40% of project managers cited poor communication as the leading cause if IT project failures
If everyone involved in your IT project doesn’t know what they’re working on, when it’s due, how to get it done and who the audience is, how can you possibly expect your project to succeed?