Abstract— Quality is the prime goal of any software engineered product. Rigorous product development and testing is required to assure the quality of product. Regression testing is essential to ensure software quality. The software testers apply regression test suites to ensure that new or modified features do not regress the existing features. As new features are added, new test cases are generated to test the new functionality and add up to the existing test case pool, thus increasing the testing cost and the time of regression testing and this directly impacts the delivery and schedule of the product. Thus, there should be technique to deliver a quality product with decreased regression testing time and cost and when rigorous regression test is performed with reduced test suites it should produce the same quality product as the original test suites would produce. In order to address the above problem, two phase test suite refinement approach is proposed. The two phases of the proposed approach are Test Suite Minimization and Test Suite Prioritization. In Test Suite Minimization specification based minimization technique is used, whereas in Test Suite Prioritization risk based prioritization technique is used. This approach will enable us to achieve quality product with decreased regression testing time and cost, as it will generate the reduced test suites which will be equivalent to the original test suited for the product.