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Value lists and static instance are part of your model. As your model has changed, customers usually require a new traversal of the DTAP street. The External Value lists is loaded into memory when starting the server. So this can be updated during a maintenance window.

Web Services and external Value lists can retrieve their value from some external source, of which the updates you do not control. You have to take these changes into account when modeling the application.You should always have a default fallback option in case an unexpected value is retrieved. If having such a fallback option is not feasible in the business context of the application, then a different option should be chosen.

Size of the data

Depending on how many entries the master data has, different methods are preferable.

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