v stands for verification and validation 
It looks like "V"
in this model simultaneously testing is done along with 
development

    when requirements are gathered  there is assesment of 
requirement
 
after that preparing project plan and after that preparing 
test plan
    after that there will be designing simuteneouly there 
will be design phase testing  and after that coding there 
will be program phase testing after that unit testing and  
system testing  at last there will be test effiency and 
last port or deployment testing

Mail if i am wrong 
sirisha 
suryasirisha_k@yahoo.co.in

\                        /
  Bussiness Requirement  User Acceptance testing
    \                    /
     \                  /
   System Design      System testing
       \              /
   Detailed design  Integration testing
         \          /
       Code       Unit testing
          \       /
           \     /  
            \   /
             \ /

This is the 'V' model

V-Model is one of the SDLC process to follow.
Following is one of the v-model with all the possible
phases.This is generally using in all the possible corporate
level companies.

BRS                      SR and M
   \                     /
    \                   /
    SRS                UAT
      \               /
       \             /
       HLD\LLD     ST  
          \        / 
           \      /  
            SC   IT
             \  /
              \/

BRS: Business requirement Specifications
SRS: Software Requirement Specifications
HLD: Higher level Design
LLD: Lower level Design
SC: Software Coding
ST: Software Testing
UAT: User Acceptance Testing
SR & M : Software Release & Maintainance 

Regards
Preethi.G