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Software process establishment, evaluation and improvement are key research areas in the software engineering field today. Extensive research has been carried out and many different kinds of approaches exist to improve the software process and even more efforts are underway. Verification & validation process, which is part of the broader software process activities, plays a vital role in quality and profitability of the developed product but is believed to consume major portion of the development expenses and resources. Probably, research towards improving the verification & validation process has not been as actively directed as compared to software process improvement research. This paper identifies several potential future research directions towards improving verification and validation process.