PMBOK 3 definition as follows.
The Executing process group is the place where the PM putting the project management plan into action mode and makes things really happening. PM works with project team to acheive the project objectives. It tracks the the project plan to ensure the future execution of project plans stays in line with project objectives. The Executing process group will utilize the most project time and resources, and as a result, costs are usually highest during the Executing process. PMs faces more conflicts, issues in this process group.
Objectives
The objectives of the Executing the Project domain are as follows:
1. Execute Tasks Defined in Project Plan
2. Ensure Common Understanding and Set Expectations
3. Implement the Procurement of Project Resources
4. Manage Resource Allocation
5. Implement Quality Management Plan
6. Implement Approved Changes
7. Implement Approved Actions and Workarounds
8. Improve Team Performance
Knowledge Areas & Processes

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