Past and current developments in academic program review and future prospects are considered, along with seven myths about the adoption and use of program review in higher education. Antecedents of program review include: the development of specialized study programs, the emergence of regional and specialized accreditation and efforts to assess program quality, and the development of improved evaluation techniques. A shift has occurred from reviews primarily undertaken as self-assessment of a program by its faculty to a largely external evaluation for the purpose of institution-wide decision-making concerning planning priorities and budgeting. The demand for accountability requires that the evaluations be undertaken through an objective process. Six outstanding characteristics of program review today are as follows: the use of reviews is widespread; it has become more comprehensive; it is more systematic and formal; its purpose has shifted from formative to summative; it is being more closely tied to other decision-making processes; and attitudes about program review are changing. Myths include: accredited programs do not need review; identifying evaluation criteria is the most difficult step; and program review is synonymous with program discontinuance. A list of 38 reference sources concludes the report. (SW)