Why do you need project reviews if you’re not having any issues on your project?   I’ve seen organizations where this is viewed as a waste of time and resources in some organizations.  However, the value of a regular project management review is tremendous in my opinion.  Having a monthly review forces regular updates of project information, regular analysis of project status and is invaluable in communication of project issues, current and potential.   A project review should have a standardized format for reports and a set time each month.  Project financial, scope and technical status should be reviewed and any issues identified, documented, and communicated to upper management or clients as appropriate.  For most projects, earned value analysis is appropriate on some scale and project managers should understand and explain variances which occur.   The review should allow for honest dialogue between the project team and management and/or clients on project issues.  Open discussion can eliminate potential issues, allow for early resolution of conflicts, identify new risks both positive and negative, and keep all stakeholders on the same page.