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In other words, the word "supervision" implies an ongoing activity, as opposed to, say, "review", which would imply that an engineer did his calcs, stamped the drawing, and was done with it.

Any other thoughts on this?
Engineering supervision applies to the design process. A PE does not need to personally perform any calculations or draft any drawings to be able to stamp them, provided it is all done under his/her supervision. In this way, you can have large engineering departments that only have one actual PE that stamps everything.