Possible actions:

1. Add Picklist values
2. Delete Picklist values
3. Rename the Picklist values
4. Assign a color to a Picklist values
5. Rearrange the Picklist values

1. How to Add new Picklist values?

1. Go to CRM settings > Configuration > Picklist Field Value.
2. Select the preferred Module from the "Select Module" field drop-down. For example, we would be using the Contacts module's Lead Source field.
3. Select the preferred "Picklist Field" from the drop-down.
   
   
   
4. Click on "Add Value"
   
   
5. This opens up a popup where you can enter the new Picklist value and then select the role(s) to which to assign the Picklist values to.
   
   

   Check more about Role-based Picklists here

6. In the "Select Color" block, choose the desired color for the Picklist field value.
7. Click on the Save button.
   
   

2. How to Delete the Picklist values? 

1. Click on the "Delete icon" to delete the existing Picklist value.
   
   
   
2. This will bring up a popup with existing Picklist values.
   
3. In the "Item to Delete" field, select the value(s) you intend to delete.
4. In the "Replace it with" field, select the appropriate replacement value.
5. Click on the Delete button.
   
   
   

3. How to Rename a Picklist Value?

1. Click on the "Edit icon" to edit the existing Picklist values.
   
2. This will bring up a popup with existing Picklist values.
   
3. In the "Item to rename" field select a Picklist value, you intend to Rename.
4. The "Enter New Name" field is where you can edit the Picklist value and enter a new name.
5. Click on the Save button.
   
   
   

4. How to Assign the Color to the Picklist Value? 

1. Click on the "Edit icon".  
   
   
2. This will bring up a popup with existing Picklist values.
3. In the "Select Color" block, choose the desired color for the Picklist field value (It is extremely helpful to quickly identify the option you’re looking for). 
4. Click on the Save button.
   
   

5. How to Rearrange the picklist?

You can select the order in which the values of the Picklist occur to your user. This is a simple drag and drops action. Drag the values to re-arrange the order.

1. Click on the Picklist value, drag, and drop the value to the required location.