1. Navigate to the fields area for your object.
2. In the Custom Fields & Relationships related list, click the name of the picklist field to update.
3. In the Values section, click Edit next to a value.
4. Change the value’s name, and optionally make the value the default for the master picklist.
5. Assign a color to use in charts by clicking the button and selecting how to assign colors to values.Assign fixed colors to all values assigns a fixed color to eachvalue from the standard set of chart colors. The Chart Colors column shows the assignedcolors. For example, if you want Closed Lost values always to be red in charts grouped byOpportunity Stage, assign red to that picklist value.Assign colors to values dynamically assigns colors when a chart isgenerated. For example, if you need only certain picklist values to have fixed colors incharts, manually assign colors to those values and leave the rest to be assigneddynamically.Note Chart colors aren’t available for multi-select picklists, currency picklists, or Task Subject, Event Subject, Knowledge Validation Status, and Opportunity Competitor picklists.TipIf you use record types, changing the default value of the master picklist doesn’t affect the default value of the picklist for a record type.For Ideas, setting the default value of the Categories or Status picklists doesn’t affect the default value on the Ideas pages.If you change the label for a picklist value that’s used as a filter criterion, the picklist value is automatically removed from the filter criteria. For example, if your report contains a filter where Lead Source equals Email orWeb and you change the picklist value Web to Referral, your report filter changes to Lead Source equals Email. If the changed picklist value was the only value specified for a particular filter, it continues to show up in your filters, but an error appears.
6. Assign fixed colors to all values assigns a fixed color to eachvalue from the standard set of chart colors. The Chart Colors column shows the assignedcolors. For example, if you want Closed Lost values always to be red in charts grouped byOpportunity Stage, assign red to that picklist value.
7. Assign colors to values dynamically assigns colors when a chart isgenerated. For example, if you need only certain picklist values to have fixed colors incharts, manually assign colors to those values and leave the rest to be assigneddynamically.
8. If you use record types, changing the default value of the master picklist doesn’t affect the default value of the picklist for a record type.
9. For Ideas, setting the default value of the Categories or Status picklists doesn’t affect the default value on the Ideas pages.
10. If you change the label for a picklist value that’s used as a filter criterion, the picklist value is automatically removed from the filter criteria. For example, if your report contains a filter where Lead Source equals Email orWeb and you change the picklist value Web to Referral, your report filter changes to Lead Source equals Email. If the changed picklist value was the only value specified for a particular filter, it continues to show up in your filters, but an error appears.
11. Click Save.
12. To make the picklist required (if it’s not already), click Edit at the top of the detail page, and check Always require a value in this field in order to save a record.
13. To change the picklist from unrestricted to restricted or vice-versa, adjust the Restrict picklist to the values defined in the value set setting.
14. To open an easy-to-print list of your picklist values, click Printable View.