As the Project manager and project team - what level of quality should be delivered? Is the best product the one with no bugs?
Gold plating the solution may lead to clash with the limitations of budget, time, benefits and may increase risk of not meeting the ETA (expected time of delivery).
in the initial phase of the delivery project, Project team and PM should agree with client on delivery and success criteria of the project. What features should product have ( what not to have)? How many bugs of different priority / impact are the entry and exit gate of the client testing? What Regression testing is performed before launch to production? What kind of user, performance and other type of test are to be performed? Also do not forget about the support after the Live release as sometimes this is not included and then client is expecting more than you budgeted for that phase.