First of all, let's see how matrices can be represented in memory. Consider the following matrix.
1 2 3
4 5 6
7 8 9
All values stored in computer memory are stored sequentially, there is no concept of "row" and "column", only address. If you represent the matrix above in row-major order, the float values in the matrix will be stored linearly in memory like this:
Lowest address [ 1 2 3 4 5 6 7 8 9 ] Highest address
If, on the other hand, you represent this same matrix in column-major order, the float values in the matrix will be stored in memory like this:
Lowest address [ 1 4 7 2 5 8 3 6 9 ] Highest address
So in row-major order, consecutive values of rows are contiguous in memory, whereas in column-major order, consecutive values of columns are contiguous in memory.
Now, HLSL requires your matrices to be supplied in column-major order, but DirectXMath stores its matrices in row-major order because its implementation is faster that way, so you have to transpose it so that it gets fed into HLSL shaders in column-major order.
Correction:
HLSL defaults to taking your matrices in column-major order, but DirectXMath stores its matrices in row-major order because its implementation is faster that way, so one solution is to transpose the matrices so that they get fed into HLSL shaders in column-major order. Alternatively, you can override this default so that HLSL takes your matrices in row-major order, and then you wouldn't have to transpose them.
WVP
? Transposing doesn't really do anything; it just replaces pre-multiplication of column vectors with post-multiplication of row vectors (and vice versa). Without context, that's about all that can be said ;) – Quadrisect