Extracting parameters starts building parameters. You get to this task in the Action Menu or on the tool bar. This will add parameters to the Master Parameter Set. The Master parameter can be copied to other parameter sets or jobs or data sets. You can quickly edit these parameters after you have extracted them. There is really only one version of a parameter. This one version has to exist in the Master Parameter Set but can also exist or be associated with many Parameter Sets and many Data Sets and also many jobs in many projects on multiple servers.
Below is the toolbar icon to Extract Job Parameters. It looks like a lightning bolt.
