Log in to your CRM account.
Click the Gear Icon ⚙️ at the bottom-left of the screen to open the Setup panel.
Go to Customization > Modules and Fields.
Choose the module where the pick list field is located (e.g., Partners).
Click on the Standard Layout (or any relevant layout you're using).
Find the Pick List Field you want to edit and click on it.
In the pop-up:
Add a new option by typing into the input field.
Remove an existing option by clicking the X beside it.
Reorder options if supported.
Once changes are done, click Done.
Then click Save Layout at the top-right corner.
Go back to the module (e.g., Partners), open a record, and verify that the pick list now includes the updated options
For a detailed walk-through, please see the following video: