"I agreed with your reply zesti and want to know that how two way valve work when we put it on the upstream of the terminal unit and how it works when we put it downstream(at return side) of the terminal unit and how pressure differential sensor works in these situation."
I guess there is no fundamental difference between putting the valve before or after the terminal unit: the valve controls the flow through the unit and it's position does not really matter. Total pressure drop of valve + unit will be the same.
"And please explain same for 3 way valve for a constant volume system."
In this case the 3-way valve will make one part of the flow go through the terminal unit and the other part of the flow will by-pass the terminal unit.
By putting the 3-way valve before the terminal unit, the flow will be "split" by the valve. By putting the valve after the terminal unit, the valve will be mixing/combining the two flows.
I was taught to put 3-way valves always in a mixing position, which would be after the terminal unit.
This has to do with the way the flow acts upon the actual valve mechanism inside the valve-housing.
Still, in principle both set-ups are fundamentally the same.