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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 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.

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When the size is small, then you can easily create and maintain the data inside your model. When the numbers increase, you usually want to place the maintenance outside your application. The Service call type: AQ_CsvConnectivityService, Data rule and CSV wizard and Web Services create instances in your profile for each possible value. With a large number of values this may lead to performance problems (think of long running COLLECT statements). For large numbers we advice to use External Value lists. Such a long value list can be easily searched by the end user using Valuelistsearch  Presentation style.