What is an execution plan? When would you use it? How would you view the execution plan?

An execution plan is basically a road map that graphically or textually shows the data retrieval methods chosen by the SQL Server query optimizer for a stored procedure or ad-hoc query and is a very useful tool for a developer to understand the performance characteristics of a query or stored procedure since the plan is the one that SQL Server will place in its cache and use to execute the stored procedure or query. From within Query Analyzer is an option called "Show Execution Plan" (located on the Query drop-down menu). If this option is turned on it will display query execution plan in separate window when query is ran again.