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When is it best to use components, and when is it best to use a custom field instead?

When is it best to use components, and when is it best to use a custom field instead?

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Components are great if you want to use values at the project level. They are multi-select and have owners assigned. 

use custom fields if you want to use the values across multiple projects. The field is available for screens in different projects where component values are not the same across projects. 

This completely makes sense. Thank you 

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