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Testing represents a significant portion of the software applications development budget. Risk-Based Optimization of Software Testing Process i.e. RBOSTP is part of a proven and documented Integrated and Optimized Software Testing Process (IOSTP) designed to improve the efficiency and effectiveness of the testing effort assuring the low project risk of developing and maintaining high quality complex software systems within schedule and budget constraints. Basic considerations of RBOSTP are described in this, Part 1 article and some RBOSTP implementation issues, experience results are presented in Part 2. In this Part 1 article, we describe how RBOSTP combines Earned (Economic) Value Management (EVM) and Risk Management (RM) methodology through simulation-based software testing scenarios at various abstraction levels of the system/software under test activities to manage stable (predictable and controllable) software testing process at lowest risk, at an affordable price and time. In Part 2 article, RBOST's optimization model goal to find out test scenario with maximal benefit index - BenefitIndex, is presented. RBOST's optimization model is based on Return on Investment and appropriate Risk Management activities that assure the savings on the cost avoidance associated with detecting and correcting defects earlier rather than later in the product evolution cycle. Simulation-based (stochastic) experiments, combined with EVM, RM strategy and optimized design-of-experiment plans, in our case study, have shown a minimum productivity increase of 100 times in comparison to current practice without IOSTP with embedded RBOSTP deployment.