"Verification" ensures the product is designed to deliver
all the functionalities to the customer. It typically
involves reviews and meetings to evaluate documents, plans,
code, requirements, and specifications. This can be done
with checklists, issues lists, walkthroughs and inspection
meetings. 

"Validation" ensures that functionality, as defined in
requirements, is the intended behavior of the product;
validation typically involves actual testing and takes place
after verifications are completed.  Validation takes place
during or at the end of the development process.

So to the BEST of my Knowledge, the difference between
Verification and Validation is:
1) Verification takes place before validation, and not vice
versa.
2) verification evaluates documents, plans, code,
requirements, and specifications. Validation, on the other
hand, evaluates the product itself.
3) The inputs of verification are checklists, issues lists,
walkthroughs and inspection meetings, reviews and meetings.
The input of Validation, on the other hand, is the actual
testing of an actual product.
4) The output of Verification is a nearly perfect set of
documents, plans, specifications, and requirements document.
 The output of validation, on the other hand, is a nearly
perfect actual product.

verification is conducted from beginning of the project to
end of the project as per the customer requirment.
validation means data given by the system.

Validation:This is the work done by the testengg in order 
to test the complete appln.
Verification:This is the work done by Peers to check the 
documents to verify whether the process followed to test 
the appln is correct or not.

Verification ensures the product is designed to deliver all 
functionality to the customer; it typically involves 
reviews and meetings to evaluate documents, plans, code, 
requirements and specifications; this can be done with 
checklists, issues lists, and walkthroughs and inspection 
meetings. 

Validation ensures that functionality, as defined in 
requirements, is the intended behavior of the product; 
validation typically involves actual testing and takes 
place after verifications are completed.

Verification is the process of determining, " Am i building 
the product right".

Validation is the process of determining, " Am i building 
the right product".

Verification is process of confirming whether software 
meets its specifications.
Validation is process of confirming whether software meets 
user requirements.

To check that u have build the right system is called 
vaildtion
To check that u have to build the system right is called 
verification