In a Revit project file, you can ceate user defined parameter names that can store specific data for that project.
The name can be just for information used in that project; selected from the Project Parameters list.

If you selected [Add...] to add another new project parameter, you are asked to declare whether it is a parameter just for this Project or to be a Shared Parameter.

You must also nominate which element Categories it will apply to, plus other management data.
If you selected Shared parameter from the Parameter Properties dialog, then Revit
displays the Edit Shared Parameters dialog to select the parameter name from.
The list shown in the dialog is retrieved from an external TXT file to make sure that you use consistent
names between numerous projects.

If you cannot find the parameter name you want from the existing list (searched in all Groups), then you can use the same dialog to manage/add [New...] named parameter(s) into the list to use. You can also make a New... Group to saved the New parameter into.

Parameters created this way can be used in Schedules and Tag definitions used within the project. Hence the term 'shared' applies to these parameters.
When managing parameters, existing Groups can be renamed:
If a Project Parameter, it can be renamed with Modify...
then in the Parameter Properties dialog click into the Parameter Data, Name: edit box and do the
rename.

If it is a Shared Parameter you cannot rename it as this may invalidate it's use in other Families of Project files as a 'shared' item.
To do a rename you must create a New... Shared Parameter with the new required name and then Delete the existing shared parameter.

When doing the Delete action Revit displays a warning dialog to confirm if you really want it deleted.