Abstract: A system and a method are provided to quantitatively analyze the risk for a risk-based testing of software having at least one module. The risk-based testing comprises obtaining behavior of each module to a set of test cases. The method to quantitatively analyze the risk comprises assigning a confidence weight to each test case for each module based on its test history, assigning a confidence weight to each of a plurality of software specific parameters for each module, calculating a raw confidence level for each module based on the assigned confidence weights to the test cases, and calculating a confidence quotient for each module as a weighted sum of the raw confidence level for each module and the confidence weight for each software specific parameter. The confidence quotient indicates the risk of defects in each module. The module with the smallest confidence quotient is assigned the highest priority during the testing of the software.