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Sufficient experience has been gained over the last decade in simulation validation, verification, and testing (VV&T) to establish basic principles about its characteristics. This paper presents 15 principles of simulation VV&T. These principles help the researchers, practitioners and managers better understand what model VV&T is all about. They serve to provide the underpinnings for the VV&T techniques that can be used throughout the life cycle of a simulation study. This paper also surveys current software VV&T techniques and current simulation VV&T techniques. Understanding and applying these principles and employing proper testing techniques throughout the life cycle of a simulation study are key factors in increasing the probability of success in a simulation study.