Validation and Verification

Verification: 

• Definition: It is a static testing that mean testing a product without executing it (through Walk through, Inspection and Review etc). It helps in finding out the defects with the location of defect. It is a process oriented.
• Key Objective: Are we building the product right?
• Evaluation Item: Plan, Requirement, Design, Code, Test Cases etc)
• Activity: Review, Instection, Walkthrough

Validation: 

• Definition: It is a dynamic testing that mean testing a product by executing it (through Integration testing, System Testing etc). It helps in finding out the defect only and not its location. It is a product oriented.
• Key Objective: Are we building the right product?
• Evaluation Item: Actual Product, Software
• Activity: Testing

Well we can understand this as Verification is done through out the life cycle of the project/product where as validation comes in the testing phase of the application.