Best Practices for using Execution Variables?

I'd like some guidance on how best to utilize the execution variable functionality within RQM.  We have a number of test suites which utilize multiple test cases/scripts.  There are often situations where the same test case/script is utilized multiple times within a test suite but will need different data (ie Add New Person could be called multiple times when adding multiple people to a form). 

In this sort of situation, how would I utilize the execution variables to allow us to reuse the same script multiple times?

In Quality Center, this can done by creating a "script library" (for lack of better term) where each potential variable step is given a parameter inside the script.  Then when writing the scenario, we "call" the test script and are prompted to enter the data value for the parameter within the script.  This is done for each unique call to the script allowing for modular and reusable scripting.  Is there a similar functionality in RQM?

Example Test Suite:
1. Add New Person (first name: John, last name: Smith)
2. Run Credit Scoring
3. Add New Person (first name: Debbie, last name: Smith)
4. Run Credit Scoring
5. Create Form