Quick Test Professional (QTP) is an automated functional testing tool by Hewlett Packard that utilizes Visual Basic Scripting for application automation. It features a graphical record-playback interface, supports both web and Windows applications, and enables testers to create, manage, and execute test plans with functionalities such as object repositories, output values, and library functions. QTP provides various types of actions, environment variables, and reporting mechanisms, significantly improving testing efficiency and accuracy while reducing cycle time.