How to select max value faster from large size table
You have two options:


as TomBom Mentioned, you need to create an index on ParameterID column using this statement

create index idx_modelparam_ems_parameterid on modelparam_ems(ParameterID);

If your ParameterID column is AUTO_INCREMENT, 

you can get your max id by getting the next AUTO_INCREMENT value from the following query

SELECT AUTO_INCREMENT-1
FROM information_schema.tables
WHERE table_name = 'modelparam_ems'
AND table_schema = 'YourDBName' ;


If the engine is MyISAM and you are sure that there is no gap between two ids, you can find your max id by getting number of rows in the table as below. ROWS column contains the value for number of rows.

EXPLAIN SELECT * FROM modelparam_ems;


Note that In Innodb the value returned in rows is an estimation of total rows. So it is not as accurate as MyISAM.


Disclaimer 

Option 2 may be both unreliable, and subjected to failure. Use it only if option 1 is not possible and you can tolerate the failure.