In TX DWA, before a project is deployed and executed, it is simply a meta data model. Deployment and execution generates and runs the code for extracting, transferring and loading your data.
Deployment consists of generating the necessary SQL and SSIS scripts for execution, creating the tables, fields, and views and saving the project.
Execution runs the scripts generated during deployment in order to transfer the data from the source, and process it through any established transformation and data cleansing rules - the execution procedure.
A Deploy creates the tables, views, and scripts. This essentially creates the "box" to hold the data.
An Execute runs the load scripts, which then fills the "box" with data.