Factor V activity testing is a functional (coagulation) test that measures the functional activity of clotting factor V (Factor V) in plasma, expressed as a percentage of normal activity. Factor V is an essential protein in the intrinsic and common pathway of blood clotting, acting as a cofactor for activated factor X to convert prothrombin to thrombin. It is used to diagnose congenital (Oernbeck disease) or acquired factor V deficiency.