The Phenomenon of Dispersion:
The phenomenon of splitting of white light into its constituent colors when passing through a transparent refracting medium (such as a glass prism) is called dispersion. The colored band obtained on a screen is called a spectrum (VIBGYOR: Violet, Indigo, Blue, Green, Yellow, Orange, Red).
Fundamental Cause of Dispersion: White light is a polychromatic mixture of electromagnetic waves of different wavelengths. In vacuum or air, all colors travel with the exact same speed ($c = 3 \times 10^8\text{ m/s}$). However, in a material medium like glass, light waves of different wavelengths travel with different speeds. Red light has the longest wavelength ($\lambda_r \approx 7000\text{ Å}$) and travels fastest in glass; violet light has the shortest wavelength ($\lambda_v \approx 4000\text{ Å}$) and travels slowest. By Cauchy's formula $\mu = A + \frac{B}{\lambda^2}$, refractive index is greatest for violet and least for red ($\mu_v > \mu_r$). Since angular deviation $\delta \approx (\mu - 1)A$, violet deviates most and red deviates least!