This explains how you can change the available options in a custom field, and publish across to the other modules if required. Data will not be lost unless an option is removed from the dropdown.
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1. Click here.

2. Click "Custom Fields"

3. Click on the module

4. Click here to edit the custom field to change

5. Enter the new value(s)

6. If this custom field is in other modules, click "Create/Update Across Modules" to publish the changes to them. This does not delete existing data