Once you have defined all children, and their parameters, you can test the component in the same screen. Global Parameters for the same are provides by the job selected for testing parameters.
To do so, press the test component button on the bottom left of the component definition screen.
FormulaCAD will now create a new assembly file and test the component in the context of the test work order.
FormulaCAD always creates a new Inventor so that any user file is not inadvertently disturbed. The test component button and the create geometry in job screen use the same engine with the difference that the test component places the current component at the top of the component tree.