1. A method implemented in a computer infrastructure having computer executable code tangibly embodied on a computer readable storage medium having programming instructions operable to: receive one or more risk factors; receive one or more contexts and identify one or more context relationships; associate the one or more contexts with the one or more risk factors; map the one or more risk factors for an associated context to a software defect related risk consequence to determine a risk model, wherein the mapping is implemented using a processor of the computer infrastructure and comprises: determining a relative weight for relevant risk factors; determining a weighted sum of the relevant risk factors of a context for failure damage risk factors; determining a weighted sum of the relevant risk factors of the context for failure possibility risk factors; and calculating a product of the weighted sum of the relevant risk factors for failure damage risk factors and the weighted sum of the relevant risk factors for failure possibility risk factors to determine an overall risk for the context; and execute a risk-based testing based on the risk model to determine a defect related risk evaluation for a software development project.