Hi Bill,
Thank you for responding. My problem was at step 2. Although, I clicked on parameter favorites in inventor studio, and the part should have shown up there with the parameters listed. That's where I click on add to favorites. But my parts weren't even showing up there. I wasn't able to fix it, but I did find a work around. The parts that I created in the assembly (did create component), worked correctly when I went to inventor studio. The parts that I opened, changed the name, and then did place component were the ones that had the issues. Fortunately, I only added a few simple parts and I was able to create new components quickly. Once I did that, they showed up in the parameter favorites in inventor studio.
By the way, I am using Inventor 11. My animation is showing liquid flowing through a pipe, so I had to make a very short tube and then animate the length of it so it would look like it was flowing through the pipe.
Thanks for attempting to help.