Advanced Metadata > Groups & Picklists

Groups & Picklists allow you to set up data sets to allow you to achieve consistency within your metadata.

For example, you can create a data set of terms to use internally to identify the status of content.

To do this:

Go to Account Settings > Advanced Metadata > Groups

Select the group/picklist type you would like to add to:

enter the details and save

 You will find the list when entering data for the field on specific content.