1. A method of optimizing execution of test cases, comprising: calculating, by a test case optimization computing device, a failure probability level of a plurality of test cases based on a plurality of test results associated with each of the plurality of test cases; determining, by the test case optimization computing device, a risk profile score for the plurality of test cases based on weights assigned to the failure probability level and assigned to a risk impact parameter of the plurality of test cases; comparing, by the test case optimization computing device, the risk profile score with one or more risk profile threshold scores, wherein the one or more risk profile threshold scores include a high risk profile threshold score, a medium risk profile threshold score, a low risk threshold score, and a very low risk profile threshold score; and determining, by the test case optimization computing device, a dynamic risk profile level of each of the plurality of test cases based on the comparison; determining, by the test case optimization computing device, one or more sets of optimal test cases to be executed from the plurality of test cases based on whether the dynamic risk profile level of the plurality of test cases is of lower risk than all previously executed failed test cases and the plurality of test cases satisfies one or more test rule parameters; and executing, by the test case optimization computing device, the one or more set of optimal test cases.