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Using your Issue Tracking tool: Setting Issue Priority and Severity
Priority: A priority classification of a software error is based on the importance and urgency of resolving the error. The priority classification is as follows:
Immediate – The bug should be resolved immediately.
High - This bug should be resolved as soon as possible in the normal course of development activity, before the software is released.
Medium – This bug should be repaired after serious bugs have been fixed.
Low – It can be resolved in a future major system revision or not be resolved at all.
 
Severity: A severity classification of a software error is based on the degree of the error impact on the operation of the system. The severity classification is as follows:
Critical – The bug causes a failure of the complete software system, subsystem or a program within the system.
High - The bug does not cause a failure, but causes the system to produce incorrect, incomplete, inconsistent results or impairs the system usability.
Medium – The bug does not cause a failure, does not impair usability, and does not interfere in the fluent work of the system and programs.
Low – The bug is an aesthetic, is an enhancement or is a result of non-conformance to a standard.