One of the goals of testing is to find as many of the "big bugs" as possible while covering as much of the functionality as possible before the implementation date. On many projects the implementation date is not flexible and it is difficult to make a case to management for moving the date or at least considering the risk of implementing before making the decision. Management doesn't always get the "big picture" and detailed defect reports don't always reflect risk. In order to help the project team and management assess risk and make decisions during the course of the project, there needs to be a way to express testing status in a comprehensive "big picture" view. Functional readiness is a way to simply describe test status in the context of risk. The Functional Readiness Matrix (FRM) is a decision-making tool that summarizes these metrics.
Test Progress Reporting Using Functional Readiness