"V&V" is an acronym that stands for verification and validation.

"Validation: are we building the product right"

"Verification: are we building the right product"

Verification and validation (V&V) is a process that helps to determine if the software requirements are complete, correct; and if the software of each development phase fulfills the requirements and conditions imposed by the previous phase; and if the final software complies with the applicable software requirements.