Functional operations of a Static Random Access Memory (SRAM) are strongly affected by random variability in core-cell transistors and by the variability-induced threshold voltage mismatch between the transistors of the Input-Output (IO) circuitry (especially Sense Amplifiers). This variability also affects the faulty behavior of the SRAM array. This paper is focused on the analysis of static and dynamic faults due to resistive-open defects in the SRAM core-cell, taking into account the effects of random process variability in core-cells and IO circuitry. Statistical analyses have been performed to evaluate the SRAM failure probabilities accounting for defects at each possible location. The results show that random process variability in the SRAM core-cell and IO circuitry have an important effect on the behavior of an SRAM array and also on the defect coverage of various commonly-used test sequences. It is shown that under variability, the minimum defect size detected with maximum probability is more than 2X larger than the minimum size detected in nominal conditions, thus leaving a large range of defects undetected. Several stress conditions during test have been evaluated to assess their capability to increase the defect coverage under random process variability.