Validation - The assurance that a product, service or result meets the needs of the customer and other identified stakeholders. 

Value - The worth, importance, or usefulness of something.

Variance - A quantifiable deviation, departure, or divergence away from a known baseline or expected value.

Velocity - A measure of a team's productivity rate at which the deliverables are produced, validated, and accepted within a predefined interval.

Verification - The evaluation of whether or not a product, service, or result complies with a regulation, requirement, specification, or imposed condition.

Virtual Machine -A software emulation of a physical computer that runs an operating system and applications just like a real computer. 

Virtual Team - A group of people with a shared goal who work in different locations and who engage with each other primarily through phone and other electronic communications. 

Vision Statement - A summarized, high-level, description about the expectations for a product such as target market users, major benefit, and what differentiates the product from other in the market. 

Volatility - The possibility for rapid and unpredictable change.