How to Customize Values

Some values are available by default for all products. As a system administrator, you can also create new custom values for object fields at the application level. These custom values then show up on appropriate pages as values you can select from drop-down lists.

You do most customization by clicking the Setup link to the Salesforce.com setup page.

The following are some examples of fields you can customize:

Category
Requirement State
Product State
Priority. Includes values for issues, user stories, and epics that are associated with a product.
Status. Includes values for issues, tasks, user stories, and epics that are associated with a product.

You can configure custom values in the following ways:

Rename the values using Translation Workbench.
Edit certain attributes of the values.
Replace the values with other values.
Specify default values
Reorder the values in the list.
Delete the values.
Translate the values in all supported languages.

Best Practices:

Use the Translation Workbench from the Administration Setup menu to rename the values (in English language) instead of editing the existing attribute to relabel it.
A value equivalent to Closed is needed for the burndown and velocity charts. You can create a value and can map the status using Status Mapping in the Administration menu.

More Information:

How to Customize Attributes

Enable or Disable Custom Attributes for Objects

Create Custom Values