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An execute is simply a successful skill use: the target was verified, any cost was paid, any activation time was passed, the target is still valid, and now the skill applies its effect, its normal recharge time, any after-cast effects, and the execute is complete.

This is a specific technical term, in most speech "I used the skill" implies the most common end result of success; exceptions such as "I started to use the Flaying Mindbender but canceled it" or "Joe Devourer interrupted my Signet of Particles!" would be stated directly.

A fizzle, being an unsuccessful skill use, is the opposite of an execute.