Minecraft wiki entry for Noise_generator, associated text: Octaves: The amount of different copies of this noise generator, each scaled down from the last by a factor of 2. Fewer octaves result in an unnatural appearance. More octaves added with lacunarity result in a rougher fractal appearance reminiscent of proper terrain.
Frequency: [more information needed]
Factor: A value the noise is multiplied with after processing (lacunarity). To make the set of values more or less extreme.
Offset: A value added to the noise after processing. To shift the resulting set of values by this value.