My colleague Liz created this graphic which nicely summarizes our project’s position on the relationship between conceptual understanding, procedural fluency, and application.
The balance between conceptual understanding, procedural fluency, and application depends on your goals with your students and those goals should depend on what you know about your students. This is why I’m opposed to “Problem Solving Fridays” and “Practice Tuesdays” as these ways of deciding on goals over-simplify teaching to the detriment of student understanding.