How it's worked out
A set counts when the prospect agrees a date and a time. It isn't the meeting. Some of those meetings get moved and some don't happen at all, so most teams count two numbers: sets booked and meetings held. The share of sets that turn into held meetings is the show rate.
On a team that splits the work, an SDR or an appointment setter books the sets and an account executive runs the meetings. On a small team one person does both, and the set is the first step of their own week.
Worked example, with made-up rates: 1 in 5 of your calls reaches a person, and 1 in 8 of those conversations ends in a set. That's 40 calls for one set. If 3 in 4 sets turn into a held meeting, each held meeting takes about 53 calls. So 5 held meetings a week is roughly 270 calls, or 54 a day.
Get the conversation-to-set rate from 1 in 8 to 1 in 6 and the same 5 meetings take about 200 calls. That's why the rate is worth as much attention as the dialling.
Where it shows up in your week
A set is easy to forget by Friday, and the week's count is what your manager asks about. The activity log records each call and set in one tap and adds up your day on its own.