The Manage Options Panel is the administration panel where you can pick and choose the myriad of options and setups for your Forum. These admin panels are where you can configure the look and feel of your Forum on the front end.
This is where you set the global options of the forums and the global display settings. You can customize the Post content appearance. Set the style for the Post time and set various filtering and url link options.
This is also where you would configure alternate Email setting for your Forum and how the forum is to handle guests and inactive members.