Dynamic testing involves executing software with input values and examining the output, allowing defects to be detected in code. Static testing analyzes software work products like documentation without executing the code. Formal reviews have defined phases including planning, preparation where reviewers check materials, a review meeting, and follow-up on rework. The main review types are walkthroughs where the author guides discussion, technical reviews where experts focus on technical content, and inspections with more formal defect identification. Critical success factors for implementing reviews include designating a champion, focusing on important items, explicit planning and tracking, training participants, managing people issues, and continuously improving.