Weekly Status with Project Plan and Budget
Test Signoff for each iteration
Customer Signoff for each iteration
This phase is called Iterations because it happens in a circular fashion:
Programming Team codes to the Functional Specification.
Programming Team releases the code to the Testing Team.
Testing Team runs a Smoke Test on the release to ensure a minimal level of compliance. If the Smoke Test fails, the Programming team must start again by fixing the build.
Once the Smoke Test passes, the Testing Team fully tests the software.
Triage is held to discuss defects and plan new releases.
This iteration continues until a certain level of compliance is met (like no severity 1 or 2 defects).