The term 'ACT Review' can be broken down into three parts: RAVE (4 letters), PAN (3 letters), and AUDIT (5 letters). RAVE stands for 'Review, Analyze, Verify, and Evaluate, ' which is a process used to assess the effectiveness of a program or system. PAN stands for 'Plan, Analyze, and Negotiate, ' which is a process used to identify and address potential risks associated with a project. Finally, AUDIT stands for 'Analyze, Understand, Develop, Implement, and Test, ' which is a process used to ensure that a system meets its requirements. Together, these three processes form the basis of an ACT Review, which is a comprehensive assessment of a program or system.