You can configure settings for Encoding precision and Video sequence properties under the General Settings entry.     
The slider in the Encoding precision area specifies how good the quality of the output file should be in relation to the time used for encoding. High quality provides the best quality, but the longest encoding time. High speed takes up the least encoding time and provides the worst available quality. It is advisable to use a value in the middle within the Good range.
The following setting options are available in the Video sequence properties area:
Input field
Maximum reference frames
Specifies how many frames from which a P-frame or B-frame may query information.
Input field
Maximum keyframe interval
Defines the range for the size of the GOP. 
 
See also
Encoder Settings
P-frame
P-frames (predicted frames) refer to predicted pictures in MPEG compression. They are based on predictions and guesses from previous intra-frames (I-frames) and P-frames. They only include the change information in comparison the the previous frame. Since P-frames feature a higher compression ratio than I-frames, the compressed data volume is smaller, since only the changes are saved in the frame.


General Settings