How to manage Picklist Values in Salesforce ?

There are two ways to manage picklist values in salesforce, which are given below.

1. Picklist Value Set (Inside Setup) -> It is used as global picklist values that can be reused in one or more object as well as picklist field. You can make it by going to Setup –> Picklist Value Set –> New after creation that in any object Object Manager –> Fields & Relationship –> Picklist Field (New, Already Created) –> Use global picklist value set –> Select the picklist that’ve created earlier.

2. Object Specific Picklist Values -> It is defined on fields while creating a Object. Setup –>Object Manager –> Fields & Relationship –> Picklist Field (New) –> Enter values, with each value separated by a new line.