This question arose during a recent class:  What are the implications of changing the path to the shared parameter file within Revit?  The shared parameter file location is a system setting and is not saved within the project itself.  For this reason the path has no impact on the data that is already present within the Revit project.  There's no real risk in changing the path other than that the next shared parameter to be made will be created within this new shared parameter file(by default). 

 shared parameter file, shared parameter path
The path to the shared parameter file.

When different companies need to collaborate on the data, this question of multiple parameter files will arise.  An alternative to making a project-specific shared parameter file is to import the shared parameters directly from another Revit file via the "Insert from File" method.  Whatever the method the list of shared parameters should be spelled out within the BIM Execution Plan.  Lastly, before you make that shared parameter, you should be certain that it is truly required to be shared!  Make an informed decision about when to share by reading this earlier post: I ♥ Parameters Thank you for reading this 2 part series on Revit parameters. 

About the Author

Glynnis Patterson, NCARB - Director of Software Development Glynnis is a Registered Architect and has worked with the BIM industry since 1998. A graduate of Carnegie Mellon University, she has worked as an architect, educator and construction site manager. Glynnis is currently the Director of Software Development Services at Ideate, Inc. and continues to work with AEC clients across the nation, developing, and implementing best practices solutions. In her spare time Glynnis does volunteer work and builds Lego projects. @GVPinNJ