This work sets out to provide clarity on the current use of Verification and Validation (V&V) practices across the product's lifecycle and proposes a novel product lifecycle managementbased V&V approach. By systematically analysing the literature, stages, scope, methods and techniques used for V&V were investigated, leading to classification and clustering of the V&V methods or techniques from the product's lifecycle perspective. The analysis revealed that V&V are not currently addressed as lifecycle processes, they are largely absent from the post-production phases and provided insights on how V&V can be applied across the product's lifecycle by proposing a novel Product Lifecycle Management-based (PLM) approach for V&V. This paper is the first to map the 'as is' V&V practices across the product's lifecycle and supports the engineers and academics on how V&V processes can be applied beyond the internal organizational boundaries by developing a PLM based approach for V&V.