You set it to where you need it to be, to get the photo that you want.
It's pretty straight forward, the slider controls the light output from the flash/strobe. If you need more light, then turn it up. If you need less light, turn it down.
OK...first things first. The camera has to be in manual exposure mode. Shutter speed doesn't really affect flash exposure, so all you have to do, is keep it below the camera's max sync speed (1/250). So I'd suggest starting with a shutter speed of 1/200.
Set your aperture for the depth of field that you want/need, or just choose one that will give you the best image quality from your lens. (Try F8).
Since you have full control over the studio lights, you can keep the ISO low to minimize noise....so ISO 100.
OK, so you have your camera in manual, set to 1/200, F8 and ISO 100.
Now turn on your lights and take some test shots (probably best to start with one). If the images are too dark, then you can turn up the power of the light...or move it closer to the subject. You can also use a larger aperture (lower F number) or a higher ISO. Any of those options will make the image brighter.
So doing the opposite of any of those, will reduce the exposure of the image.