To solve this question, the user needs to know the correct sequence of the phases of a formal review. A formal review is a process of examining software artifacts by a team of individuals to detect errors, defects, and other issues. The review process is divided into several phases, each of which has a specific objective.

Now, let's go through each option and explain why it is right or wrong:

A. Planning, Review meeting, Rework, Kick off: This option is incorrect. The correct sequence for a formal review is Planning, Individual preparation, Review meeting, Rework, and Follow up. In this option, the sequence of phases is incorrect. The Kick-off phase should be before the Planning phase.

B. Planning, Individual preparation, Kick off, Rework: This option is incorrect. The correct sequence for a formal review is Planning, Individual preparation, Review meeting, Rework, and Follow up. In this option, the Kick-off phase should be after the Planning phase, not before the Individual preparation phase.

C. Planning, Review meeting, Rework, Follow up: This option is correct. The correct sequence for a formal review is Planning, Individual preparation, Review meeting, Rework, and Follow up. In this option, the flow of phases is in the correct order.

D. Planning, Individual preparation, Follow up, Kick off: This option is incorrect. The correct sequence for a formal review is Planning, Individual preparation, Review meeting, Rework, and Follow up. In this option, the Follow up phase should be after the Rework phase, not before the Kick off phase.

The Answer is: C