You can find a lot information about this topic on the learning channel(youtube videos) and on line live library information on techsupport web page.
I found some videos that could be of your interest OSIsoft: PI Tag Attributes: Point Class. v2010 - YouTube
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Yasir, many of those settings are are specific to the interface that will handling those poitns (ie: Location 2, 3 and 5). Usually the interface documentation will do a good job of breaking down what each of these parameters controls.
What interface(s) are you working with?