Click on the Coursework link in the course context menu. The upper menu contains a link that says, "Manage units and types".
Think about units like you would a weekly folder or subfolder that is set to display for a specific period of time in order to deliver content and assessments. You may create, delete, edit, or reorder these units to satisfy your goals as an instructor.
NOTE: The dates set for units will control the default display for you and your students in the default view on the overview page. This can be changed by the user but will default to the unit set by the date range.
Think about types as you would an assignment category. Every assignment you give will be required to have a type. Even if you do not plan to weight grades by type, setting these correctly may alleviate any questions or concerns about the assignments you set for your course.
Similar to the units, types may be created, deleted, edited, or reordered to suit your needs.