MediaPath: The root of the DVD drive contains the mounted ISO file that you are using.
BasePath: The base path is a local folder on your machine that you specify where the command will keep a copy of the required Nano Server files and packages. This is very helpful, so next time you run New-NanoServerImage, you no longer have to specify the MediaPath, and instead you can just specify the BasePath and avoid the time of the copy operation.
TargetPath: The target path is the path where you want to save your specialized Nano Server image, so that could be a folder where you actually keep, for example, your VHD(X)/WIM files, you can name them anything that is descriptive. If you are creating a VHD(X) image, you need to make sure that you specify the extension you want to use, .VHDX or .VHD, more on this later.
AdministratorPassword: The password to be used for the built-in local Administrator account.
DeploymentType: This will be Guest or Host, depending on whether you want to deploy a virtual machine or physical Nano Server.
Edition: This parameter helps you to choose between standard or datacenter edition.