A smaller value of △ means that less number of frames out of ‘the total number of frames in the system’ will be allotted to a particular process. That being said, we can also conclude that more number of frames will be available for other processes.
Therefore, we can say that number of active processes will increase but since they have less number of allotted frames, therefore it will lead to more page faults.
Now, on the contrary, a larger value of △ will lead to a larger number of frames being allotted to a particular process. That means less number of frames will be available for other processes. Hence the number of active processes will decrease but also page faults for the active process will decrease.
Also when the value of △ is large, but the frame requirement of any process is less than that, then this will lead to unnecessary blocking of the process even when sufficient number of frames are available, hence it will make it difficult for a process to become active.