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.