Summary
The Values module is an interface for managing reusable sets of key-value pairs. The purpose is to allow lists of values to be reused across the website, without having the configure them in multiple locations, or in code.
Usage
To use this module, go into the Values administration page, at admin/structure/values, and you will see a table with the currently configured value sets.
To add a new value set, click on "Create a new value set" and fill out the information. You will be able to define the key-value pair for each option.
Sub-Modules
The values module ships with a few extra submodules that add some extra functionality:
Values Field
The Values Field module (Values CCK in D6), allows the admin to assign a reusable value set to a field, instead of using the allowed values. This way, if you have a form that has, say, multiple Yes/No fields, you only have to configure it once, and then select it from the Values list for each field.
Values Webform
Similar to the Values Field module, the values webform module enables value sets as "Pre-build options lists" for select components.
Dependencies
This module can be used by itself. However, import/exporting capabilities are provided by installing the Chaos tools suite module.