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Code reviews do find bugs
There’s some 2015 research out of Microsoft titled Code Reviews Do Not Find Bugs1 Code Reviews Do Not Find Bugs; How the Current Code Review Best Practice Slows Us Down; Czerwonka, Greiler, Tilford; IEEE International Conference on Software Engineering; 2015. which seems strangely named because reviewers do find bugs.
In other words, reviews are most effective on small chunks at a time, and mustn’t expand to cover large fractions of the workday. This is a bit too much (remembering the “first hour of the day” rule from before) but it should only result in a marginal decrease in productivity – code review ought to still appear to be a clear win. When I did the maths on this at a previous job, the median turnaround time was 6 hours, and that was borderline painful (which was why I ran the numbers in the first place.)
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