What testing approach aims to reduce product risk by informing stakeholders?

The testing approach that aims to reduce product risk by informing stakeholders is risk-based testing. This methodology focuses on identifying, assessing, and prioritizing risks associated with a software product, enabling testers to allocate their resources effectively where they are needed most. By evaluating potential risks, teams can target their testing efforts on the areas that might have the most significant impact on the product's quality and the stakeholders' interests.

This approach involves continuous communication with stakeholders to understand their concerns and the business value associated with different features. By doing so, the testing team not only mitigates risks but also keeps stakeholders informed about the findings, thus making informed decisions about product quality and release readiness.

In comparison, exploratory testing emphasizes the tester's creativity and intuition to discover issues through unscripted testing, which can complement risk-based approaches but does not inherently prioritize risks or communicate them systematically to stakeholders. Unit testing is mainly focused on verifying the smallest parts of the code for proper functionality, often without direct consideration of overall product risk. Functional testing verifies that specific functions work according to requirements but does not inherently involve risk assessment or stakeholder engagement as its primary goal.