I had nearly the same question as originally posed. The answers provided do not seem to address portions of the original question : (i.e. is IEEE 12207 still valid, and did it read as stated by the original requestor?
Yes, IEEE 12207 is still valid.
The 12207-2008 - ISO/IEC/IEEE Standard for Systems and Software Engineering - Software Life Cycle Processes is the current commercial standard. It is the current source of the software problem priorities described in the original question.
It is a successor to the superseded ISO/IEC 12207:1995, J-STD-016 (1998), MIL-STD-498 (1994), and DOD-STD-2167A (1988). All these standards included "Priorities to be used for classifying problems" that are largely the same.
There is no "official" definition of software problem classifications unless it is contractually specified. If your organization has older contracts, they may specify any of these standards. (But the practical impact is small since there is little difference in their actuals definitions of the priorities.)
https://acc.dau.mil/CommunityBrowser.aspx?id=474328 J-STD-016-1998 Software
Life Cycle Processes, Software Development (Developed by the Joint EIA/IEEE Working Group on Software Development.)
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