I don’t have any experience in the industry, But I have similar experience in my senior year of Undergrad. In capstone class we have the status meeting every week with our professor and our adviser where the professor is our project manager and the adviser is our costumer, and we have to give him the status of the project and discuss the development of our project and is their is nay changes needed to be made. And also if we having any problems with the project development that what steps are we taking to overcome those problems. In addition to that we also have the design requirements review meeting with the entire class where we review other group requirements and give them a feed back that what needs to be changed, and I will say from my personal experience that this is very help because sometimes you can see your mistakes. And just like requirements review we also have the test plan review.