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V-Ray type

The available installation types are:

Full – This is a full installation and includes all components as described in the “Installation overview” section. It will allow you to use V-Ray in Maya do for Distributed or Network Rendering, to run IPR render server, use V-Ray SDK, and have V-Ray license server on this machine. 
Standalone only – An installation which includes V-Ray Standalone and IPR render server. Please choose this option if you plan to use this machine only for Distributed Rendering with V-Ray Standalone and an IPR render server.
Add firewall exceptions – Automatically adds firewall exceptions so IPR for Maya and V-Ray Standalone can run uninterrupted.

Directories & Feedback

Here you can specify the installation paths. Please check if the default folders are correct.

Help make V-Ray even better – Participate in the improvement decisions for future version of V-Ray. No intelligence property is violated when agreeing to participate in the feedback program. We do not gather scenes, assets, materials, etc. What we receive is user preferences on just a few key render settings and the resulting render times. The point of this feature is to improve V-Ray's performance and the user experience. This preference can be changed at any time later on from the V-Ray Render Settings > Settings > About V-Ray > Feedback program settings. For more information, see the Chaos Group Telemetry page.

Licensing

In this step, you can specify whether the V-Ray license server will run locally or on another machine.

If you select the option Remote you will have to fill in the IP address of your V-Ray license server in the field Primary License Server. Please leave the port 30304 unchanged. An Alternate License Server is used when the primary one does not respond.