Advanced Parametric Modeling is essentially equation based modeling. Rather than just building a model in Solidworks as you go, parametric modeling takes a bit more pre-planning. You begin with a series of key sketches/dimensions (which you drive) and related all subsequent dimensions/sketches/features back to your driving dimensions. The big advantage of modeling parametrically is that you can very easily modify one of your driving dimensions at the beginning of the feature tree and the rest of the model will automatically update itself.
I wanted to show the possibilities of parametric modeling by designing a lightweight single piece parkour shoe (one with a split big toe) that automatically adjusts it shape to perfectly fit any wearer by entering a series of foot measurements into a data table including; foot length, ball width, heel width, toe length, instep width, toe spread, heel height, ball height, and toe height. Theoretically,a company could produce custom shoes by 3D printing a hard mold, and then filling the mold with a flexible shoe material. Right now this would be pretty expensive, but who knows what the future holds for mass customization.
A 3-D printed model the shoe which fits my foot is pictured above. More pictures are after the jump.