After successfully performing a "Value List Search," within the Value List component, you will be presented with a list of one or more value lists that meet your search criteria.
From here you can modify (depending on your level of permissions within the system) the values associated with a given value list. Simply select the "Edit" button next the value list you wish to modify. You will then be brought to the "Modify Value List" sub-tab page. To make modifications simply edit any of the available fields on this page and click on the "Apply Changes" button. You can refresh the page to reflect any un-applied changes by selecting the "Refresh" button or cancel any un-applied changes and return to the "Value List Search" sub-tab page by selecting the "Cancel" button.
Note: System administration personnel can deactivate a value list, without deleting the list, by switching the list's Active setting to "N."