Peer Review:-
This is testing technique and a type of verification 
testing. It is formal review done to know wether software 
team as well as testing team can move to next phase of 
development and testing. This review is done at the end of 
the phase to baseline or freeze the existing phase.

Peer Reviews are considered a best industry practice for 
detecting software defects early and learning about 
software artifacts. Peer Reviews are composed of software 
walkthroughs and software inspections and are integral to 
software product engineering activities. A collection of 
coordinated knowledge, skills, and behaviors facilitates 
the best possible practice of Peer Reviews. The elements of 
Peer Reviews include the structured review process, 
standard of excellence product checklists, defined roles of 
participants, and the forms and reports. Software 
inspections are the most rigorous form of Peer Reviews and 
fully utilize these elements in detecting defects. Software 
walkthroughs draw selectively upon the elements in 
assisting the producer to obtain the deepest understanding 
of an artifact and reaching a consensus among participants. 
Measured results reveal that Peer Reviews produce an 
attractive return on investment obtained through 
accelerated learning and early defect detection. For best 
results, Peer Reviews are rolled out within an organization 
through a defined program of preparing a policy and 
procedure, training practitioners and managers, defining 
measurements and populating a database structure, and 
sustaining the roll out infrastructure.

In software development, peer review refers to a type of 
software review in which a work product (normally some form 
of document) is examined by its author and/or one or more 
colleagues of its author, in order to evaluate its 
technical content and quality.
Management representatives should not be involved in the 
conduct of a peer review except when included because of 
specific technical expertise, or when the work product 
under review is a management-level document. Managers 
participating in a peer review should not be line managers 
of any other participants in the review.
The purpose of a peer review is to provide "a disciplined 
engineering practice for detecting and correcting defects 
in software artifacts, and preventing their leakage into 
field operations" according to the Capability Maturity 
Model.
When performed as part of each Software development process 
activity, peer reviews identify problems and fix them early 
in the lifecycle.