When you configure actions that require selection of site (and list), you have the convenience of selecting from a choice of existing sites and lists. Selecting a site will show all the lists that exist in the site. Once a list is selected you will then be able to select columns for filtering or setting values.
If the actual site or list does not exist when the action is created or it must be determined dynamically based on the column value of the list item the action runs from, you can configure a run-time value for site URL and list title.
Run-time values for site URL or list title are calculated just prior to action execution. When creating an action, you specify a template for the value, using text, functions and column values. You can use the picker we provide to make the process easier. For instance, http://myserver/[Title] is translated in http://myserver/marketing if the current item title is Marketing. List title must resolve to the actual display name of the list, not the list URL.
You must still select an existing site and list to be used as a template for column selection, but once the run-time values are filled, they are always used instead of the selected values whenever the action is actually run.
Run-time values allows the action to access data in any site collection, even when the action creator doesn't have such access. If it is important to limit the run-time values to the current site collection only or disable this option completely, you can do that under Global Settings.