permissions problem

Trying to open a program and get this message:

Failed to set access permissions for

/Applications/Waves

/Library/Application Support/Waves

/Users/srp/Library/Caches/Waves Audio

/Library/Application Support/Waves/Licenses

/Applications/Waves/Data

/Applications/Waves/Data/Instrument Data/Waves Sample Libraries

User did not grant permission.

Please set a read/write permission to the folder(s) and restart Waves Central

Don't know exactly what it is asking me to do.