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 dynamic risk profile level based on weights assigned to the failure probability level and a risk impact parameter of the plurality of test cases; 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 the dynamic risk profile level of the plurality of test cases and satisfying one or more test rule parameters; and executing, by the test case optimization computing device, the one or more set of optimal test cases.