Pls guide me Regarding Outbound And Inbound Activity.(Its Meaning)

Your question is quite broad. My answer is similarly broad.
"Outbound Activity" refers to any inventory issue. Examples include:
- issuing component material to a production order (consumption)
- issuing (delivering) material for a sales order
"Inbound Activity" refers to any inventory receipt. Examples include:
- receiving the End Item into inventory from production
- receiving purchase orders.

There are nuances to this, but it covers the general purpose.
Procedure: generally one generates or maintains outbound advice to create the allocation and then one releases that outbound advice. Financial integrations are created upon release.