Defect: When an error found by the test engineer (testing 
department) then it is called defect

Bug: if the defect is agreed by the developer then it 
converts into bug, which has to fix by the developer or 
post pond to next version.

Bug and Defect are same.It is found by Tester.

A Defect is a failure on the confirm of requirements’ where 
we typically say there is  need of something necessary for 
completeness

A bug is an error,  mistake, failure, to the expected 
result and  found during the testing  

A Error we will find from bad code in some computer 
programming which will produce incorrect results ,Syntax 
error , Server error, Run time error etc

Defect and bug is one and the same.These are just two 
different terminolies used for same thing.Its also called 
as incident or fault.formal defination of bug/defect is 
flaw in component or system which cause system to fail to 
perform specified operation.

In last reply I forgot to ans one thing.Bug can be reported 
by tester/user or system analyst.Developers also find bugs 
in peer review or unit testing however they dont follow any 
reporting process as such.

The main difference between bug and defect is for bug its
location is not know and for defect location is know defect
is difference between actual and expected result defect and
bug are both found by the tester

Bug: Finding the missing functionality during execution of 
the application.

Defect: difference b/w customer requirments and actual 
requirments

A bug is a issue found by the teter while tsting and fect 
is the its impact on the application....

The error or fault that is found by testers are bugs and 
the fault done by developers are defect

Firstly, what is a defect? Any deviation from customer
expectation is a defect. It can happen in any phase of SDLC
starting from Requirement phase.
e.g. A mistake in BRD is a defect done by BA.

Any defect in coding found in the Testing phase started to
be colloquially called as a Bug. But later got standardised.

Both bug and defect are same 
Bug &Defect: Manifestation of an error in software is 
called bug are deffect
 Tester will find the defect

Bug and Defect are totally different.

Bug:- Any Missing functionality or any action that is
performed by the system which is not supposed to be
performed is a Bug .
**** Tester only find this a BUG ****

Defect :- Is an error found AFTER the application goes into
production.  ***USER may find out the Defect*****

Thanks,
Deivasigamani.C

Meaning or definition for both the Testing terms are same. The only difference is the Companies Quality Standard. I mean for here is that it is up to the company's Quality Process that which term they should use for their process.

  Gratitude,
  Naveen