Parent concepts are independent hierarchies of concepts that can be assigned to one or more business objects through the navigation tree. Before you can assign a parent concept you must first learn how to create one.
The Concept Editor allows you to build concepts to be used as parent concepts. The ability to isolate the concepts, name them, then associate the named concept with one or more business objects gives you flexibility and good concept management. Another feature of the Concept Editor is that you can define concepts that build upon other concepts. By nesting concepts this way, you minimize the number of properties you must repeatedly define and create a good inheritance hierarchy.