This feature is available in Catalyst, Enterprise, and Ultimate editions.
On the List Types page, you can change the order in which list values (menu options) display in drop-down lists throughout the application.
List Type Administration functions are only available to users with an Admin Privileges role of "System Administrator".
Select Admin > Asset Customization > List Types.
Navigate to the desired List Name section, and then click on the arrows in the Order column to move each item to the desired position.