As someone with an IT background, I like the PV-lookup approach because it's manageable. But in the real world there are such things as in-betweens. If you have the Project related modules, you may research the so called Code File. The Code File is really a SQL table called PJCODE. I don't have any real insight on this. It's indeed an extensible collection of lists for the user to choose from in several screens. And yes, they are combo box based. So, in the end, combo box aren't just for static lists.
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