QTP is having two views to access and analyze the test script that is Keyword View and Expert View.
Keyword View helps to display the recorded script in steps or hierarchical format. It is having some default columns which are important to understand the recorded script.
There are four important columns-
Item- It displays the icon based steps that is, you have done while recording the test. It contains window name, object name, function and etc.
Operation- Operation column shows the type of operation which you performed in the items. For examples select, click and etc.
Value- This column shows arguments which you have given while creating your test script and argument value for selected operation.
Documentation- Documentation section will display some short description in simple English about your step or item. It comes automatically.