It's all about getting as much air / fuel into the combustion chamber as possible. Lift refers to how far the valve opens. The cam lifts up the lifter and the rest of the valve train. The more it lifts, the more the valve opens into the combustion chamber. When this happens there is less restriction to the incoming air and fuel and therefore more can get in which produces more power.
Duration refers to how long the valve is opened up for. The longer it can stay open, the more air and fuel can get in.
The same in reverse order also applies to the exaust side. The more the valve is lifted the less restriction it has to the escaping gases, and the longer it stays open (Duration) the more exaust can escape, and when that happens you have room for the incoming air and fuel.
Ed
Duration refers to how long the valve is opened up for. The longer it can stay open, the more air and fuel can get in.
The same in reverse order also applies to the exaust side. The more the valve is lifted the less restriction it has to the escaping gases, and the longer it stays open (Duration) the more exaust can escape, and when that happens you have room for the incoming air and fuel.
Ed