Value Sets are used throughout the system to display drop down list values for selection, these values can be changed to better suit your contract descriptions and management process.
Navigate to: Configuration > Configuration > Define value Sets
Fig 1 - Value Sets
All value fields are listed in the Define Value Sets page accessed from the Configuration page under the Values Sets section.
Each section represents a field and each sub-group of that section represents a relative value field. Clicking on the name of the field will open the folder and show each option currently available for selection.
These options can be renamed or deleted by highlighting the value and clicking either the Delete or Rename button. A new value by created by highlighting the value group (folder level icon) and clicking the Add Child button, you can then name the value as required.