What are the differences between reviews and formal technical reviews?

Use formal wording in answer, technical terms will be appreciated.
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"An inspection or formal technical review (FTR) requires an explicit, completed product. The producer must be an active participant in the review/inspection. The inspection/FTR must be part of the defined software process. The primary purpose is to find defects. The inspection must follow the specified process with the specific roles and steps."
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"This FTR may serve as an exercise ground, enabling senior technicians to see or watch diverse ways to software program research, design, in addition to effectuation. The actual FTR also will serve to market back up along with a continual must be amount of people become familiar with areas of the program which they might possibly not have or else viewed. "
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