Field Type Select

Hello.

I’m designing a website where I have a database of projects and in a field I plan to use a Select to select some possible values for the project.

I’ve tried out that if I change a value in the list of the Select, the project that had that value lose it, it doesn’t display in the front end anymore.

Is there any way or solution in ACF where it is possible for me to update that value and all the projects that had that value in this field get updated too? Instead of losing its old value.

I hope you can understand my question. If you can’t I will try to give a better example.