Product release is the act of making a product available to its intended customers. After a product has had its first release, it enters a product release cycle. New versions of the product are made available that may fix defects or add features that were not in previous releases. These changes are categorized as updates or upgrades. An update fixes product defects. An upgrade enhances the product feature set and will include updates.
Formal Technical Reviews are conducted by software engineers. The primary objective is to find errors during the process so that they do not become defects after release of software as they uncover errors in function, logic design, or implementation. The idea is to have early discovery of errors so they do not propagate to the next step in the process. They also ensure that the software has been represented according to predefined standards and it is developed in a uniform manner. They make projects more manageable and help groom new resources as well as provide backup and continuity.