The purpose of quarterly project reviews is to ensure accountability and create an opportunity for course corrections and resourcing adjustments in consultation with a team working on a specific Wikimedia Foundation initiative.
As an example, a team may be tasked with increasing the number of photo uploads. It may seek to achieve this goal through two to three initiatives. Upon review, it may become apparent that only one initiative is successful. A quarterly review can serve as a checkpoint to prioritize the successful initiative and adjust resource allocation accordingly.
Reports and outcomes are publicly shared. Initially, we were only holding these reviews with Executive Director participation for the top priority initiatives as identified in Sue Gardner's Narrowing focus recommendations (see also the announcement of the quarterly reviews from December 2012).