Under Options general Virtual Machine settings are collected.

VM Identification:
Virtual machine name field shows the name of the machine that has been specified when creating and can be changed. Its name should be descriptive, and its length should be no more than 50 symbols. The name of the Virtual Machine is displayed on its property page.
Guest OS Type:
Here you can specify an operating system to be installed on the Virtual Machine (if you didn't choose the right one while creating the machine or want to install another OS). Be careful to choose the right operating system. If settings on this tab do not correspond with the operating system actually installed this may cause problems varying from slow performance to work fail.
Booting Options

On the Booting Options tab you can select the order of devices from which the Virtual Machine will try to boot one-by-one. You can choose one of the three predefined sequences - [Floppy, Hard drive, CD-ROM], [Hard drive, Floppy, CD-ROM], [CD-ROM, Hard drive, Floppy]. During its startup, the Virtual Machine checks media in the first device of the boot sequence and tries to boot from it. If the media is not found or is not bootable, the Virtual Machine will proceed with the next device in the boot sequence, and so on.
Note: Please make sure that a boot disk (Floppy disk, Hard Disk, CD-ROM) is available and configured correctly. If you select a boot disk that does not exist, then after starting up the guest operating system and BIOS loading, you will see the error message "No boot device available, press ENTER to continue". In this case, stop the guest operating system, correct the configuration of your floppy or the corresponding IDE drive and try to start again.
VM Flags

VM Flags tab contains various options that influence the performance of the Virtual Machine and startup configuration options.
Emulation flags:
Acceleration level. Acceleration enables a number of the guest OS specific performance optimization techniques. We recommend to select the High level. If you notice incorrect guest operating system behaviour while running with high acceleration, for example when installing software, shut the OS down and lower acceleration level. Note that without acceleration at all (Disabled level) the Virtual Machine runs very slowly. We recommend turning acceleration on after finishing the process that caused problems.
Enable Intel VT-x Support option is available for editing if you have Intel processor with Virtualization Technology on your host computer. By default VT-x support is enabled. See Intel Virtualization Technology (VT-x) Support to learn about VT-x support in Parallels Workstation. If you run guest OS with VT-x support, it is indicated in the About Parallels Workstation screen (see the Additional Information section).
Process priorities:
Note: Process priorities options are available in Windows primary OS only.
When running in foreground. This option specifies priority of the Virtual Machine process when running in the foreground mode, i.e. when the Virtual Machine window is active.
When running in background. This option specifies priority of the Virtual Machine process when running in the background mode, i.e. when the Virtual Machine window is inactive.
Misc flags:
PC speaker support enabled. If this option is enabled Virtual Machine can indicate its actions by PC speaker sounds.
Autostart VM when configuration is loaded. After you open the Virtual Machine configuration file, the VM will be automatically started.
Switch to fullscreen mode automatically. As soon as Virtual Machine is started, it will run in the fullscreen mode.