That name is shown in configuration list boxes. When an item is configuration-controlled, the field generally shows both the item name and the configuration name. When either the item or the dimension has been assigned a name, the item number and configuration, respectively, are used.
Example
See the field in the BOM versions and lines (form)dialog box: If an item is configuration-controlled, this field displays the item's name, a forward slash (/), and, when a configuration is specified, the configuration's name.