Velocity as a Vector Quantity
Velocity is a vector quantity that refers to "the rate at which an object changes its position." Imagine a person moving rapidly - one step forward and one step back - always returning to the original starting position. While this might result in a frenzy of activity, it would result in a zero velocity. Because the person always returns to the original position, the motion would never result in a change in position. Since velocity is defined as the rate at which the position changes, this motion results in zero velocity. If a person in motion wishes to maximize their velocity, then that person must make every effort to maximize the amount that they are displaced from their original position. Every step must go into moving that person further from where he or she started. For certain, the person should never change directions and begin to return to the starting position.
Velocity is a vector quantity. As such, velocity is direction aware. When evaluating the velocity of an object, one must keep track of direction. It would not be enough to say that an object has a velocity of 55 mi/hr. One must include direction information in order to fully describe the velocity of the object. For instance, you must describe an object's velocity as being 55 mi/hr, east. This is one of the essential differences between speed and velocity. Speed is a scalar quantity and does not keep track of direction; velocity is a vector quantity and is direction aware.
Determining the Direction of the Velocity Vector
The task of describing the direction of the velocity vector is easy. The direction of the velocity vector is simply the same as the direction that an object is moving. It would not matter whether the object is speeding up or slowing down. If an object is moving rightwards, then its velocity is described as being rightwards. If an object is moving downwards, then its velocity is described as being downwards. So an airplane moving towards the west with a speed of 300 mi/hr has a velocity of 300 mi/hr, west. Note that speed has no direction (it is a scalar) and the velocity at any instant is simply the speed value with a direction.