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.
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