Project management has been complaining that code inspections are taking too much time and are...

The critical factor for the software manager's decision on whether to continue or disregard the inspection program is the cost of not using inspection. Code inspections are a preventive measure to identify defects early in the development process. The cost of not using inspections can include increased defects in the final product, higher costs for post-release fixes, decreased customer satisfaction, and potentially significant impacts on the company’s reputation. While resources, schedule impact, and additional testing costs are important considerations, the long-term cost implications of not identifying defects early can be far more detrimental.References:

Gilb, Tom, and Dorothy Graham. "Software Inspection." Addison-Wesley, 1993.

IEEE Std 1028-2008, IEEE Standard for Software Reviews and Audits.