Updates to Picklist Values
To add or edit picklist values in your Salesforce environment, follow these instructions.
Navigate to "Setup"
In order to make changes or additions to an object or field, you must first select the gear icon in the upper right corner of your screen and then Setup.
Select the object that contains the picklist you would like to update
First, select the Object Manager tab. Next, type the desired object into the 'Quick Find' box. Then select the link to the object itself.
Updating the picklist values
Select the Fields & Relationships tab and click the name of the picklist field you would like to update.
In the Values section, click Edit next to a value.
Change the value’s label, and optionally make the value the default for the master picklist. Click Save.
Please note: Updating the API name of a picklist value could potentially cause issues if that value is used in automation. Check with the support team or click the Where is this used option on the field prior to updating.