1. A computer-implemented method for generating and managing test documentation for a software product that includes a plurality of functional areas, the computer-implemented method comprising: generating, with one or more processors associated with one or more computer systems, a graphical user interface that enables users to create a test template; receiving, at the one or more computer systems, at least one test scenario for one of the plurality of functional areas via the graphical user interface, the at least one test scenario being configured to test a business flow that mimics how an end user of the software product would use the software product; storing the at least one test scenario in a database associated with the one or more computer systems in association with the test template according to a data model for the test template; receiving, at the one or more computer systems, at least one test case via the graphical user interface, the at least one test case including a plurality of test steps; storing the at least one test case in a database associated with the one or more computer systems in association with the test template according to the data model for the test template; copying the test template and storing a copy of the test template in a database associated with the one or more computer systems to generate test results, the test results being an entity independent of the test template and stored according to the data model associated with the test template preserving all test scenarios, test cases, their respective formats, hierarchical structure, and data organization constituent of the test template; setting, with one or more processors associated with the one or more computer systems, a filter associated with the test results to restrict execution of the at least one test scenario and of the at least one test case to selected scenarios and test cases; storing one of a plurality of priority levels in a database associated with the one or more computer system in association with each of the selected test scenarios and each of the selected test cases, and wherein the filter is configured to restrict execution of the at least one test scenario and of the at least one test case to those test scenarios and to those test cases associated with a selected priority level and to those test scenarios and to those test cases associated with a priority level that is lower that the selected priority level; and carrying out a test cycle by executing the at least one test scenario and the at least one test case preserved in the test results of the test template and storing the results of the executed at least one test scenario and the executed at least one test case in a database.