You can find below the meaning of each parameter on Volume Group Characteristics (the output from lsvg vg command):

1. Volume Group: Name of Volume Group.
2. VG State: active/partial. Partial indicates that some of the Physical Volumes in the Volume Group are not active.
3. VG Permission: It indicates if the volume group is read-only or read-write.
4. Max LVs: Maximum number of Logical Volumes allowed in Volume Group.
5. LVs: Total number of Logical Volumes at present in Volume Group.
6. Open LVs: Number of LVs open at present in the Volume Group for any Read Write operation.
7. Total PVs: Total number of Physical Volumes present in Volume Group.
8. Stale PVs: How many stale Physical Volumes are there in Volume Group. The stale Physical Volumes are those ones on which I/O operations are not possible.
9. Active PVs: Total number of Physical Volumes which are active in Volume Group.
10. Max PPs per VG: Maximum no. of Physical Partitions which can be there in the Volume Group.
11. Max PPs per PV: Maximum number of Physical Partitions which can be there in Physical Volume.
12. VG Identifier: The very long string to identify Volume Group.
13. PP Size: The size of Physical Partition used in every Physical Volume of Volume Group.
14. Total PPs: Total number of Physical Partitions in Volume Group.
15. Free PPs: Total number of free Physical Partitions with in Volume Group.
16. Used PPs: Total number of Physical Partitions in use in Volume Group.
17. Quorum: Whether the quorum is on or not in Volume Group.
18. VG Descriptors: Number of Volume Group Descriptor Areas(VGDA) in Volume Group.
19. Stale PPs: How many Physical Partitions are stale or unable to perform I/O operations.
20. Auto On: Whether the Volume Group will varyon on system startup or not.
21. Max PVs: Maximum number of Physical Volumes allowed in this Volume Group.
22. Auto Sync: Whether this Volume Group should sync automatically or not.
23. BB Policy: Its bad block relocation policy. So, this value here is relocatable, that means we are allowed to relocate bad blocks in this Volume Group if need be.

Ref:

http://unix.worldiswelcome.com/how-to-list-volume-groups-and-their-characteristics

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