In a pulse-position modulation system, what parameter does the modulating signal vary?

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Pulse-position modulation conveys information by shifting the exact time a standard pulse appears within a fixed symbol interval. The modulating signal determines the delay or position of that pulse inside each frame, selecting which time slot the pulse occupies. The pulse’s shape, amplitude, and duration remain fixed, so the data is carried entirely by where the pulse occurs in time. That’s why the parameter varied by the modulating signal is the pulse’s timing (its position in time) within each symbol period.