What is an option set?
An option set is a type of field that can be included in an entity. It defines a set of options. When an option set is displayed in a form it uses a drop-down list control. When displayed in Advanced Find it uses a picklist control. Sometimes option sets are called picklists by developers.
What is global option set?
A Global Option Set is a list of values that you will find in almost all Dynamics HR Management functions. You can select the option that is most suitable for you from a drop-down menu. Dynamics HR Management comes with a large number of these Global Option Sets.
When can you create a choice in Dataverse?
Choices make more sense when the list is short and the values don't change frequently. They are also good because they are part of the solution. Lookups make sense if the data frequently changes or if users need to add new values or if you need to capture more metadata than just the list item.