How did you want to run this update query?
In query design, you can just put your parameter in the query.
To run it programmatically, you can then use RunSQL in a macro or code.
A better programmatic approach might be to build the SQL statement in code,
concatenating the parameter value into the string. Then Execute the string
itself: you don't need a saved query. The advantage is that you know whether
it worked or not. Here's an example:
Action queries: suppressing dialogs, while knowing results
at:
http://allenbrowne.com/ser-60.html