What is the important part of a test?

Why do so many companies track them step by step? Is it the charts? Business people LOVE the chart, the number, show me how you saved money/earned money. What is the bottom line? Why do I pay for this? They want to know.

Here is my ranking system in the last 10 project I’ve worked on:
1. The Question the Test Idea is Trying to Answer
10. The Test Idea
15. The Test Data
100. The Topic
1001. The Title
1002. The Expected Result
Either 2 or 2002 depending on how you are using it. The Actual Result (at that time)

When judging the priority of a test, how important is the question that the test will answer? This helps me prioritize better.