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Map picklist values to some other text or number field just like standard Opportunity Stage field
In Contact object, I want to add a picklist field "Status". The values in field should have a corresponding numerical values which will be used for computation. The structure is almost similar to the Opportunity Stage field which has the mapping between Stage Name and probability.
I have created a picklist field "Status" in Contact and a custom setting which has two fields to save the value and the corresponding numerical value. In this current system, when a new picklist value has to be added, a new record has to be created in the custom setting. Is there any better way to handle this?