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This message means that the product represented by <PRODUCT_NAME> does not yet have permissions assigned in the options file. This is either because the license model does not require permissions, or because you have not yet assigned permissions for this particular product. When permissions are set for this product, you will no longer see this message.
Permissions are handled through options file. This will be automatically generated in Volume License Manager after privileges are set in the user interface. For FLEXlm or FLEXnet, the options files will need to be manually created. It is important to note that FLEXlm requires an options file for all types of license models except unmanaged concurrent. Unmanaged concurrent licenses are unrestricted. This type of license is not client-based and does not have client permissions in NI VLM, nor does it require an options file for FLEXlm.