What approach to testing helps reduce product risks while informing stakeholders?

The chosen approach, which is risk-based testing, focuses on identifying, assessing, and prioritizing risks associated with the product being tested. This method improves testing efficiency by concentrating on the most critical areas that could potentially affect product quality and user satisfaction.

By evaluating risks, test analysts can create test cases that specifically target high-risk areas, thus ensuring that the most significant vulnerabilities are addressed first. As the testing progresses, stakeholders are informed of the status of these risks, as well as their potential impact on the project. This approach fosters clear communication regarding what aspects of the product are more prone to failures and how the testing efforts are aligned with the business's priorities. Ultimately, risk-based testing not only enhances the quality assurance process but also allows stakeholders to make informed decisions based on the risk assessment.

In contrast, a test strategy is more about outlining the overall testing approach and methodologies without a direct emphasis on risk prioritization. Test monitoring focuses on tracking testing progress and results rather than actively reducing risks. Boundary value analysis is a specific testing technique aimed at identifying errors at the edges of input ranges, which may not comprehensively address the broader risks associated with the product.