This is the 1859th most frequent Russian word.
отлично
"Excellent" or "great."
Here, 'отлично' is used as an interjection to express approval or positive assessment.
У тебя получилось разобраться в задаче? Отлично!
Did you manage to understand the problem? Excellent!
In this case, 'отлично' serves as an adverb describing the manner in which the action (performed) was undertaken.
На экзамене я справился отлично.
I performed excellently on the exam.
Here, 'отлично' serves as an adjective in the predicate, describing the condition of 'the weather' as being 'excellent'.