If you were working on, for example, a large construction project such as the siting of a bridge or power station you would need several kinds of expert. We want each of you to play a different role, i.e. each person should become an expert on a different part of the problem. In real life everyone has to do their job thoroughly, and there would be a Team Leader who would make sure that this has happened. In this exercise you have the choice to nominate your Team Leader or to work collectively without one. In either case you will need regular meetings to make sure that everyone knows how each part is progressing and to provide feedback and suggestions to one another.
Meetings are necessary to build team spirit and confidence in one another.
It is very important that, at meetings, everyone is prepared to make constructive comments and suggestions. Simply whinging or keeping quiet when you know that the project is going in the wrong direction would have you associated with a disaster - not good for your career prospects. In real life you have to work with the people you've got. If people aren't performing properly then they have to be pushed, led or guided into the job expected of them. Report writing is never left to the night before the contract finishes.