Tenured prof at a research-intensive university in the U.S. here. Lots of good answers here, but I have to preface everything with “IT DEPENDS.” Disciplines, areas of research, and institutions vary considerably. But here are some fairly general responses.
A master’s thesis (or report) is essentially a literature review, original study, or case study. It is bound by a page length, most likely, as well as a time interval, and of course, a relatively novice research design and depth. I’ve supervised a few honors undergraduate theses and served as a reader for a master’s thesis (ongoing at the moment). Someone with the level of experience in the research realm as a master’s student will probably take some narrow aspect of a topic, or present an overarching view - the thesis writing/analysis period here is between one long semester to one academic year. The research design and topic are vetted by the supervisor, and there is an additional reader to give feedback and remarks. In essence, the scholarly oversight is one prof, plus a sidekick - it would be unusual for scholars to war over a master’s thesis. The supervising prof will direct the study and perhaps ask the second reader to opine on certain aspects of the work germane to his/her specialty. The “defense” is an oral examination, essentially a meeting with the supervisor, reader, and student; the student presents their findings, supervisor and reader comment, and if all goes well (which it should, otherwise the supervisor wouldn’t allow the meeting to happen), the student gets a pass. In the programs where I have supervised studies, there is also an option to commend a student for a particularly rigorous and outstanding study.
A dissertation is the culmination of a program of doctoral study. It is an original research study, complete with purpose, literature review, methodology and research design, findings, and synthesis/analysis. I’m in the social sciences, and I tend to supervise qualitative studies - the first thing I can tell you is that they are fairly long, usually 125+ pages. Dissertations are expected to fill a gap in the research literature, so it starts with a student surveying the literature and pointing out an unanswered question, then proposing a study that would help fill the void. The intermediate step is the proposal meeting (or proposal “defense”) when the purpose, review of literature, and methodology/research design are proposed by the student. A committee comprised of the supervisor and readers (usually 2-4 additional scholars) responds to the proposal, and if the student is reasonably on the right track, he/she is given permission to proceed with the study.
Dissertation timetables vary with disciplines, but I can tell you the typical time from proposal to defense is about a calendar year. Students in my field don’t tend to have lots of funding so they do most if not all of the research themselves - from collection to analysis - and much of what I do is helping them figure out what is reasonable and possible given their circumstances. I’ve done enough research to know when their ideas will keep them writing for another 6-12 months, and my institution also has a clock for dissertation writers - so often I am advising them not to pursue another research question, or to drop their data collection after a certain period of time. (Most graduate students envision a grandiose dissertation that will solve a major problem in the field; the reality is, all research is an exercise in compromise, starting with the expectations of your supervisor.)
The dissertation writer is in semi-frequent contact with the supervisor and perhaps other readers for feedback and direction. At some point, there will be enough analysis of the data to draft findings and implications chapters. The supervisor should have some review of this work, and when s/he deems it ready, will have the dissertator convene the committee for a defense. At my institution, defenses vary. My personal feeling is that a defense should be a pro forma experience; if we’re at this point, I have a near-complete confidence that the work is ready and of the quality that the other 3-4 members will also agree and sign off on the student’s dissertation. In other fields, it’s actually more dramatic than that, and a student’s performance in the oral and written presentation will determine whether he/she passes.
Once the dissertation is approved (signatures collected from all committee members), the student then has to meet the university rules for submission. Someone mentioned uploading the work to UMI/ProQuest - they maintain a database of dissertation abstracts and complete studies. My institution has a subscription to ProQuest and you can download complete dissertations. Once all that is done, the graduate advisor signs off on the student’s academic work and he/she graduates with a doctoral degree.
Last, a peer-reviewed article (in my field) is a 25-30 page manuscript that also states a purpose, literature review, theoretical framing, methodology/design, findings, and implications/discussion section. Dissertations are often “spun off” into a number of articles; it’s unlikely that someone is going to read a dissertation cover to cover. In some humanities fields, the expectation is that a dissertation will become a monograph or book; at my institution, that book needs to be published by a major university press to earn tenure and/or promotion. In my field, we look at peer-reviewed articles as the measure for promotion and/or tenure; you need from 10-15 articles after 5-6 years as a quantitative measure. Quality and impact matter as well.
Peer-reviewed articles are blindly submitted and reviewed by other scholars. There is a blind review, and the author receives feedback and a decision from the journal editor (accept, accept with minor revisions, revise and resubmit, or reject). If it’s a reject, the author either scraps the paper, or aims toward another venue. The other decisions typically involve revising the manuscript. Revise and resubmit means that the revision may or may not be accepted depending on its quality.
In my discipline, peer-reviewed articles are the gold standard and are perceived as the most rigorous and respected work. We also have handbook chapters that are peer-reviewed that are almost as good. Then there’s book chapters, which typically don’t undergo blind peer review (it’s a colleague asking you to write on a topic you are knowledgeable on), and other publications (editorials, publications outside of your area of expertise). For senior scholars (tenured profs) editing a book or writing a book with a major press (commercial or university) is a sign of impact on the field.
…and that’s what I do for a living. Teaching and service gets worked in there too.