Between Ohm's law and Watt's law we get
this calculator here. Fill in any two values and hit calculate and it figures out the rest.
This is very useful for us vapers as we always know two of the four values. For example, set your eVic at 5.2 watts and know that you have a 2.4 ohm head and you find that you are running at 3.5 V and 1.5 A.
Set your eVic at 4.2 V and know that you have a 2.4 ohm head and you are running at 1.75 A and 7.35 W.
So what is the difference between setting watts or volts? Watts is power. Power to the coil is what mostly defines your vape experience using the same type of hardware (clearos vs cartos vs etc). Setting watts means that if the resistance changes, the device will keep watts at your set-point by changing volts for you automatically. This is good.
If you set volts, the device will keep the volts constant no matter what happens to the resistance, which means the watts will change with resistance changes and therefore the vape will change. Not as consistent for us as setting watts.
How many watts (or volts) should you set?
Here is a chart that gives starting value ranges. They are conservative values. Once you get the idea of how this works, you will likely not need to refer to this unless you are heading into new territory. When I get a new juice delivery device I vape at low power and slowly increase it until I like the vape.
I generally run my VN's at about 7 to 7.5 watts. The juice can make a big difference too. VN's do not like too much power, unlike cartos which are much more forgiving.