Can I use the solution right after preparation or I need to add some other chemicals (eg., HCl or Tris-Borate etc) with that for functioning properly. I never used PVA before and found the chemicals in bracket in several journal paper.
the dissolution of any polymer in a given solvent is time (diffusion) and molecular weight dependant (the higher the MW the higher time should be). This means that dissolution is not instantaneous, so it is not really advisible to use your polymer just after preparation; even if it looks clear solution, down to the resolution of our eyes things still undissolved. Generally you leave the solution overnight. Regards
1% could be 1% by volume or 1% by mass. This is not defined.
If we get to 100 mL of final solution then (by volume) 1 mL of PVA needs to be diluted in 99 mL of water (to make 100 mL total - Lewis's final concentration is 1/101 and thus not 1% w/v...). However, if there's volume change then this isn't the most appropriate way - here the comment of Rafik is applicable (dissolve 1 mL or 1 g in 50 mL and make up to 100 mL in a standard flask)