Parameter set is nothing but group of Parameter created for specific purpose. To add parameterset do the following. Go to  Full Article…

LOV means ‘List of Values’ which can be used in parameters to select the user input from. To add LOV  Full Article…

It Means a numerical or other measurable factor forming one of a set that defines a system or sets the  Full Article…

LovType means variety of Lovs (List of values). To add LovType go to following Master Data\Parameter then click Lov Type.  Full Article…