Final answer:
In the Executing phase of a project, the team delivers work, creates an accurate cost estimate, and provides performance reports. This phase is crucial for the project's success, requiring flexibility and involving detailed design, prototyping, and refinement. Buy-in from stakeholders ensures collaboration and shared understanding throughout the project.
Step-by-step explanation:
Project Phases and Cost Estimation
In the Executing phase of a project, the team focuses on delivering the required work, which involves creating a definitive or very accurate cost estimate and providing performance reports to stakeholders. This phase is critical as the development of a detailed design from a design concept may occupy a majority of the time allocated to a new product design project. The success of the project heavily relies on this stage because a poor detailed design can significantly damage a good design concept. The Executing phase follows the research and selection of details, moving forward to actual implementation. Mathematical models are often employed to estimate costs roughly for different approaches during the early stages. These models help analyze the linkage between the science behind a technique and the cost of implementing it with materials, fabrication or manufacturing, operation, and maintenance.
Buy-in from researchers, community stakeholders, and survivors is essential for the smooth running of the project. Getting feedback from collaborators at every stage ensures that the project moves forward with a shared understanding and support. Also, the process of developing a detailed design often involves prototyping, testing, and refinement, requiring multiple iterations as the testing of prototypes reveals new characteristics of the design. Flexibility during this realization phase is vital for the adaptation to unforeseen challenges and successful completion of the project.