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A Project Review is an assessment of the status of a project, at a particular point in time. The first time in the project life cycle that a project review is undertaken is at the end of the first project phase, called Initiation. During this project review, a decision is made as to whether or not the team has met the objectives and is approved to proceed to the next project phase, being the Planning phase.
The Phase Gate Review methodology improves project effectiveness by reviewing all stages of the project from the initial selection process through the entire process of development to the final stages of closure.