I guess severity reflects the seriousness of the bug where 
as priority refers to which bug should rectify first.

   ofcourse if the severity is high the same case is with 
priority in normal.

More Discussion welcome....

I agree with anniyan..
severity decided by the tester where as priority decided by 
developers.
    which one need to solve first knows through priority 
not with severity.how serious of the bug knows through 
severity.

what do u say Anniyan..?

Seeverity is nothing impsct of that bug on the application.
Priority is nothing but importance to resolve the bug
yeah
of course by looking severity we can judge
but sometimes high severity bug doesnot have high priority
At the same time High pririty bug dont have high severity
So we need both severity and priority

Nice postings..
Thanks to Suresh.chaluvadi and suneel Reddy.

yes Suneel Reddy I agree with u that some times If the 
severity is High but priority is low and vice versa..
 But in usual it's not the case.

Mr Sreenu,
  Hope you are okai with these answers..Or any further info 
needed???

Severity explains the way the defect affects the product in 
terms of functionality.
Priority explains the way the defect affects the product in 
terms of business.

In tester's perspective, priority doesnt have much 
importance. 

for eg., cosmetic bugs are defects with low severity. but, 
some of them, such as spelling mistakes in company's name, 
company's punch word or caption affect the business very 
badly. they will be given high priority.

Its simple thing If there is only one defect there is no 
need of priority,..

if there is more difects
we did not solve all diffects at a time so v need order,so 
here highlights the priority. 

....moorthy

hi
severity decided by tester and according to severity 
priority is given.

Severity is nothing but the seriousness of the defect 
according to the functionality & Priority is nothing but 
the seriousness of the defect according to the client 
requirement.

The need of the priority is to know that which bug is to be 
fixed first.

Severity is customer oriented whereas priority is business 
oriented.

hi Aniyaan,i waana comment on Answer 4 
" I agree with u that some times If the 
severity is High but priority is low and vice versa..
 But in usual it's not the case."
vice versa is also the usual case
 suposing in a web application : all the links are working 
properly,ur application speed ,etc working fine .but 
devloper missed the company logo? what will be the severity 
and priority??
In that cases Aniyaan-- Severity is LOW(in terms of 
Software application)
But Priority is HIGH--(In terms of Clients Requirements)