Look how easily it’s done with 4.5 and beyond:
1. Start by viewing one of your contact’s information. In this example, we’re looking at Wonder Woman’s contact profile. Hover over Wonder Woman’s name and of the right side, you’ll see the ability to Edit Name (you can also just click on the name).
2. Once the inline edit form is open, you’ll see that whenever there’s a dropdown menu, to the right of it, there will be a wrench (you'll see a pencil if you had any versions of CiviCRM 4.5 prior to 4.5.6).
3. Click on the wrench (or pencil) and from here you’ll be able to add/edit/delete/reorder the options that show up when the drop down menu is clicked. In this example, we’re viewing the available options for the ‘Prefix’ dropdown.
Couldn't get any easier than that, right? So check out the power of the "wrench"... anytime you see the wrench, click on it, for an easier and faster way to edit some type of setting.
Hope this helps.