How to pass a filename by drag-and-drop to a shortcut in Windows

Just use program.exe -param as a target in your shortcut. Document path (or whatever else you drop onto it) is appended by default.

Loosely related: You may also drop an item from explorer onto command line window - this may save you a lot of typing!

Make a batch file that'd call your target executable with -param and batch file's first parameter and then make shortcut point to that batch file.