According to one example, a test portfolio optimization system includes a test repository, an activity repository, an exception repository, and an optimization engine. The optimization engine is operable to generate a plurality of test portfolios. Each test portfolio comprises different types of tests of a plurality of tests. The optimization engine is also operable to determine a test cost for each portfolio over the period of time. The test cost for each portfolio is equal to a sum of costs for each test type within the portfolio over the period of time. The optimization engine is also operable to determine an impact per portfolio period of time. The impact per portfolio is equal to a sum of impacts per test type for each test type over the period of time.