I had a conversation yesterrday on this very topic. We are actually taking it a step further and trying to assess whether there is a tool that will help answer said question with graphs and the ability to drill down. We came to the following bullets:
- tests developed
- tests executed
- defects found
- defects found that could block the release
- General Schedule progress, are we on track to meet key milestones.
I'll be interested in the thoughts of others on this topic and what tools they may be using to generate consumable reports. These reports probably feed in to a risk analysis to determine if the product is ready to release or not.