Final answer:
The BIOS or firmware of a system stores updated information about a new hardware component after replacement or upgrade.
Step-by-step explanation:
After replacing a modular hardware component inside a computer case, the updated information about specific parameters of the new device can be stored in the system's BIOS or firmware. BIOS, which stands for Basic Input/Output System, is a type of firmware used during the startup process of the computer to identify and initiate component hardware. When hardware is replaced or upgraded, the BIOS might need to be updated or might automatically detect the new component and configure settings accordingly to ensure proper communication and functionality within the system.