Suppose you're working on a project and the time/money budget does not allow 100% coverage of all code/paths.
It then follows that some critical subset of your code needs to be tested. Clearly a 'gut-check' approach can be used to test the system, where intuition and manual analysis can produce some sort of test coverage that will be 'ok'.
However, I'm presuming that there are best practices/approaches/processes that identify critical elements up to some threshold and let you focus your test elements on those blocks.
For example, one popular process for identifying failures in manufacturing is Failure Mode and Effects Analysis. I'm looking for a process(es) to identify critical testing blocks in software.