would this permission setting affect the over all operation of smf-mambo? pls check screenshot below:

im trying to figure out.. why im having so many errors in my error log.. either in the "cpanel" or the error logs of SMF. is this one of the causes?
if ever i change the permission of this, would i expect more error in the operation of mambo? since the permission to be changed is the "www" or public html folder in which all mambo files and the files in the site is in place.
hope to hear your replies.
guilliam