I have not been part of designs review in industry. However, last year a group of BME students and I applied for a URI grant and wanted to start our own project. We had design review meeting for each stage, first for our design schematic, second after the finalization of our parts and projects designs and again after reaching each milestone. These meeting helped by comparing our future endeavor and comparing it to past successes and failures. There were 3 professors involved in this project and this gave is different levels of reporting and assessments to do. Whether it was our direct professor or the head of each lab. The procedure is different then what goes on in industry but the similar aspects can be in the presentations that are done and the reviewing that occurs in academic product development.