Simulation and modeling - Old Questions

Verification is the process of determining that a model implementation and its associated data accurately represent the developer's conceptual description and specifications.  Verification answers the question "Have we built the model right?". The verification focuses on comparing the elements of a simulation model of the system with the description of what the requirements and capabilities of the model were to be. Verification is an iterative process aimed at determining whether the product of each step in the development of the simulation model fulfills all the requirements levied on it by the previous step and is internally complete, consistent, and correct enough to support the next phase.

Example:

Let us say that you are developing a cell phone to be launched in the market. You conducted the market research and then collected the numbers of functionalities to be included in the cell phone. Then you design the procedures to be used to build the product and specify the quality requirements for it. Now the production process has been started. To make sure that everything is going according to plan, you perform the inspection activities to the process, then, you would say that product has been verified and is being developed as you planned for it.