> I have a pink parameters box so I can enter a tolerance.
> 
> What do I put in for Name?

tol

> What do I put in for Type?

tolerance

> What do I put in for Description?

Numerical Tolerance

> What do I put in for Default?

2%

> Are all of those fields necessary, or can I just put in "tol" for Name
> and "2%" for Default and leave the rest blank?

That would work, but without the tolerance for type, you can't change
it without changing the problem, and without a description it will
call it (tol) in the parmset screen.