Difference-I
Certain types of Lookups are maintainable by the users too, for example HR Users will maintain "Ethnic Minority" lookups. Value Sets are almost never maintained by end users, with the exception of GL Flexfield codes. Value sets are usually maintained by System Administrators.
Difference-II
Value sets can contain values that are a result of an SQL Statement. Hence it is possible to make Value Set list of values dynamic. On the contrary, Lookup Codes are Static list of values.
Difference-III
Value sets can be attached to parameters of a concurrent program, whereas Lookups cannot attach.
Certain types of Lookups are maintainable by the users too, for example HR Users will maintain "Ethnic Minority" lookups. Value Sets are almost never maintained by end users, with the exception of GL Flexfield codes. Value sets are usually maintained by System Administrators.
Difference-II
Value sets can contain values that are a result of an SQL Statement. Hence it is possible to make Value Set list of values dynamic. On the contrary, Lookup Codes are Static list of values.
Difference-III
Value sets can be attached to parameters of a concurrent program, whereas Lookups cannot attach.
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