As you see, the PDS leads the product development boundary object pack. After the design review, and approval of the design, the PDS is subsumed within the MRD along with all other quantitative project, business, financing, resources, market requirements, goal, etc. requirements. The whole project plan is reviewed after the MRD is completed; you might call this the project design review. Some consider this as a product design review, but this review takes into account all of the contextual information of the entire project in addition to the product design.

After the MRD is approved then technical specifications (e.g., PRS, SRS, M&SP, HRS, PrRS, etc.) are generated after which reviews more properly called project reviews or product reviews take place.

These documents and the exactness and sanctioning of the information within them are extremely important in order to eliminate "disconnects" in the "Intellectual-capital supply chain". You may have different names for the documents and they may be generated in your development project at times other than that depicted herein - but whatever they are called and whenever they the are used, they must 'canonize' the product and project descriptions so all the stakeholders are on the same playing field of understanding.
Figure 3 shows where the product design review fits within the product lifecycle. Five conceptual phases generally describe the product lifecycle; they are:

IDEATION
This is when the product concept is born, tested and accepted - i.e., the Product Design Specification (PDS) is generated and accepted by way of the product design review. Then the Market Requirements Document (MRD) is generated to create the project and the business case and is then reviewed by all of the project stakeholders.

REALIZATION
This is when the product is technically defined and implemented; i.e., the Product Requirements Document (PRS) is generated and accepted and then the product is implemented. Note that production and service teams are heavily involved here.

VERIFICATION
This is when the implemented product is tested to the PRS and verified that the product was correctly implemented - i.e. the selected technology meets functional, legal, economic and regulatory requirements. Note that production and service teams are heavily involved here.

VALIDATION
This is when the produced product is gauged fully to the MRD, by the market place, validating that the correct product was produced.

CONFIRMATION
This is when the full business case is confirmed as described in the MRD.