what is name and common name

Name = file name and must be unique for use in drawings and assemblies

Common name = special parameter and does not need to be unique

Common name can be used for a general descriptions, such as BOLT, or can be used in places where the filename cannot have certain characters, such as "/".

Common name is useful inside of Windchill to search with.

In Creo "Common Name" field simply creates a new parameter called "PTC_COMMON_NAME". The use of this parameter comes in  Data Management.