Often, in your SharePoint information architecture there are some fields identified with a set of defined allowed values. A common approach is then to apply the Choice fieldtype herefore. For real fixed set of possible values this is a very sensible approach. For instance, for datatype sex; we'll have 'male', 'female', and well 'unknown' in case of doubts. However, more than often the set is (semi)fixed: departments within a company, the customer base of an IT consultancy, etc. In such situation, usage of Choice is not flexible nor user-friendly towards the functional managers of the application. For each modification, it is required to change the definition of the Choice-based field. And one must then also not forget to propagate this change to the lists on which the field / site column has been applied (direct, or via contenttype). All this is more technically doing, than SharePoint functional management. A better approach is to utilize the Lookup fieldtype, and refer to another list with in it the currently known set of defined values (masterdata values actually). Whenever a modification to this set is in order, functional management can suffice with adjusting this masterdata list. Actually, this is just sane data model normalisation. Like in such context, in addition to defining the set of allowed values, it is also possible to augment them with more details. For instance, department name (allowed value), and in another list column more details of the department.
Something you'll have to take into account when applying this datamodelling, is a peculiarity upon provisioning the SiteColumns. The way Lookup SiteColumn are administered in the SharePoint content database, is with the Guid of the referential SharePoint list. This results in a problem when provisioning the SiteColumns the SharePoint standard way via Feature, with the field specifications in XML. The ID of the referential list is typically unknown at coding/specification time, and will be different per environment provisioning. This is a known issue, and so there is also a known resolution. I'm not going to describe it here, of even try to take the credits for it. Frankly, I've used a blog-entry of Chris O'Brien, Creating Lookup columns as a feature, as start information source for hinting how to solve this sequential provision issue.
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