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Parameters are dynamic values that can take the place of constant values in calculations. You can create a calculated field that references a parameter. When you update the parameter value, the calculation of the calculated field is updated. For example, you have a calculated field that returns 1 if Sales is greater than $10,000 and returns 0 otherwise. Instead of using a constant numeric value of 10,000, you can use a parameter. Then you can adjust the parameter value by using the parameter control.
To create a parameter you can right click in the Parameters tab and choose [Create Parameter].
The [Create Parameter] dialog appears and allows you set its name, choose its Data type [Float, Integer, String, Date] and enter its current value.
Once the parameter is visible in the Parameters Pane you can right click it and choose [Show Parameter Control] so that a new Parameter Control deck is visible near the View Pane.
The resulting Parameter Control deck allows you to quickly adjust the parameter's value without having to launch the [Edit Parameter] dialog from within the Parameters pane. Each Parameter's Control deck value can be individually adjusted, similar to how each Filter's Filter Deck can be used to adjust individual filters.
Parameters can also be edited by right clicking them in the Parameters Pane and choosing [Edit...]
The advantage of using the [Edit Parameter] Dialog over a Parameter Control deck is that the [Edit Parameter] dialog allows changing the Data Type and Name.
Right clicking on a Parameter in the Parameters Pane lets you choose [Duplicate] to quickly make a copy of an existing Parameter you've already created but forcing you to provide a new name.
Once your parameter has been created, you can rename it by right clicking on it and choosing [Rename...] from the right click context menu.
Be aware that renaming a Parameter can cause a Calculated Field that uses it to become invalid because the Calculated Field is expecting a different name. You will get a warning if your Parameter is in use within a Calculated Field before you rename it.