what is Value Set in Oracle Apps?

Answer 1

Value Set: is a collection of properties like Length, Data Type, Minimum Value, Maximum Value, Alignment and Value Validation etc.
Flexfields consists of Structures
Structures consists of Segments
Segments consists of Value Set
Value Set consists of Parameters

Answer 2

1. Navigate to the Value Sets window.
2. Enter a unique name for this value set.
3. If you plan to use flexfield value security with any segments that use this value set, check the Security Available check box. Security does not apply to value sets of validation type None, Special, or Pair.
4. Check the Enable Longlist check box if your value set should provide the Longlist feature, where a user must enter a partial segment value before the list of values retrieves all available values. You may not enable Longlist for a value set that has a validation type of None.
5. Enter the type of format you want to use for your segment values. Valid choices include: Char, Date, DateTime, Number, and Time.
6. Enter formatting information appropriate to your format type, including information such as whether your values should include numbers only and whether they must fall within a certain range.
7. Select your validation type: Independent, Dependent, Table, None (non-validated), Special, or Pair.
8. If you are creating a Dependent, Table, Special, or Pair value set, choose the Edit Information button to open the appropriate window. Enter any further information required for your validation type.
9. Save your changes.