The V-Model 97 is a widely used process model in Germany and Europe. It is the development standard for IT-Systems of the Federal Republic of Germany and the basis of Austria's and Switzerland's corresponding standards. Software process assessment and improvement efforts world-wide are based on the Capability Maturity Model (CMM) for Software. We present a detailed evaluation of the V-Model 97 based on the key practices of the CMM. For each key process area of the CMM we identify the strengths and weaknesses of the V-Model 97. While project-related issues are covered well by the V-Model 97, organizational aspects leave room for improvement. The algorithm specified by the CMM Appraisal Framework sees the V-Model 97 at level 1 whereas a BOOTSTRAP-based algorithm results in a more appropriate rating of level 2. 1 Motivation During the last 15 years different groups published