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Map picklist values to some other text or number field just like standard Opportunity Stage field

In Contact object, I want to add a picklist field "Status". The values in field should have a corresponding numerical values which will be used for computation. The structure is almost similar to the Opportunity Stage field which has the mapping between Stage Name and probability.


I have created a picklist field "Status" in Contact and a custom setting which has two fields to save the value and the corresponding numerical value. In this current system, when a new picklist value has to be added, a new record has to be created in the custom setting. Is there any better way to handle this?

This would be the way to go as far as the design is concerned as it allows flexibility to maintain data and allows access to a map structure. This will allow validation using VLOOKUP as well just in case this is required elsewhere in the application....