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Software is critical to the effectiveness, competitiveness, and survival of any organization. Unexpected behavior or critical problems that bring operations to an idle are just not an option. Effective oversight is critical to good project management and as it is important for the project manager to ensure that the project is on track and to be completed within the estimated schedule and cost by maintaining the quality of the deliverables. This paper describes the role of Independent Verification and Validation (IV&V) integrated into the software development life cycle in bringing down company's cost to develop software products, improve the quality of developed systems and save money throughout the system life cycle by detecting and identifying risk elements throughout the entire software development process thus allowing project and quality assurance managers to respond quickly in order to mitigate risks earlier in the product development life cycle, with more effectiveness, and with less impact on cost and schedule.

Keywords

SQA, IVandV, verification, validation, Independence, Project Management, Risk Management Approach.
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