What is it?
In Software Engineering, the V model is a process model created to solve some issues of the its predecessor, the Waterfall Model.
It states new phases made to validate the planning phases. It also differs its general step-by-step from the Waterfall Model.

Stages / step-by-step
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Requirements analysis and definitionIt’s business usage, problems to be solved, services, constraints and goals are established with the team of developers and potential users, defining each requirementsin detail to serve as a system specification. 
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Architectural designThe development team organizes each requirements in program units, which defines how each part of the system’s architecture will connect with each other. 
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Detailed designThe development team will delve deeper into each part of the system, taking decision to how it will be implemented. 
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ImplementationThe software is deployed to the users meeting its specifications. 
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Unit testing and system testUnit Testing refers to the validation of all program units, checking if all of them meet the requirements of the detailed design phase. The project only proceeds if all tests pass and the system follows all requirements. 
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Operation and MaintenanceAfter the system is deployed, this stage concerns to correct errors not discovered in past stages, and adding new functionality as new requirements are discovered.