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How can I rename a picklist value?

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To rename a value in the picklist field, please follow these steps.
For example if you wish to change the value from Warm to Interested,

1. Click on Menu
2. Click on Settings
3. Select Picklist Editor under Configuration
4. Select the module as Contacts and field as Contact Status
5. Click on Edit icon besides the name of the picklist value

6. Enter the new label under Enter New Name

7. Click on Save

Refer : Picklist Editor 
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