To answer this question, we need to understand the concept of risk-based testing.
In a risk-based approach, the risks identified are used to make decisions regarding testing. Let's go through each option to understand why it is correct or incorrect:
Option A) ii is True; i, iii, iv & v are False - This option is incorrect because it states that only option ii is true, and all other options are false. However, options i and iii are actually true in a risk-based approach.
Option B) i, ii, iii are true and iv is false - This option is correct. In a risk-based approach, the risks identified are used to determine the test technique to be employed (i), determine the extent of testing to be carried out (ii), and prioritize testing in an attempt to find critical defects as early as possible (iii). However, determining the cost of the project (iv) is not directly related to the risks identified.
Option C) ii & iii are True; i, iv are False - This option is incorrect because it states that options ii and iii are true, but options i and iv are false. However, option i is actually true in a risk-based approach.
Option D) ii, iii & iv are True; i is false - This option is incorrect because it states that options ii, iii, and iv are true, but option i is false. However, option i is actually true in a risk-based approach.
The correct answer is B. Options i, ii, and iii are true in a risk-based approach, while option iv is false.