Hi Ratnakar,
Just to clear confusion, is there any event being posted here? Gopi thinks there will be an event in your process but based on your questions I am assuming there is no event here.
In the absence of event, I would go by Steffen's or Sukumar's solution i.e either through AI or through Update Activity 1 ( PARAM_CHANGE_CUST).
You should be able to decide which option to use based on:
1) Amount of logic you need to code to update/delete/add your parameters.
2) Performance impact between AI and Update Act 1 and choosing one of the option which is better in terms performance.
Thanks,
Vishnu