The lab project aims to design and analyze different 16-bit adders including a full adder, ripple carry adder (RCA), 2's complement adder/subtractor, and linear carry select adder. The RCA uses 16 full adders in series and has the largest propagation delay. The 2's complement adder/subtractor performs addition and subtraction by taking the 2's complement of one input. A behavioral model of the adder/subtractor has lower delay than the gate-level model. The carry select adder splits the inputs into blocks and generates carry signals in parallel to reduce delay compared to the RCA, but it has more logic gates.