To define a fixed set of named values (1=Good, 2=Medium, 3=Risky) for the risk rating, you must create a Base Enum (Enumeration) in the Application Object Tree (AOT). This provides a strongly typed list of literals. "Option sets" are primarily a Dataverse concept, and Enum extensions are for modifying existing Enums.

Because the Vendor table (VendTable) is a standard application element, you cannot modify it directly. You must create a Table Extension to add the new "Risk Rating" field to the existing table definition.

To ensure the new "Risk Rating" field is always displayed and associated with the "Credit Rating" and "Credit Limit" fields, you should add the new field to the relevant Field Group on the table extension. Field groups ensure that logically related fields appear together on forms and reports automatically.

Microsoft Learn. (2024). Create a new base enum. Retrieved from Dynamics 365 Finance & Operations Developer Documentation. https://learn.microsoft.com/en-us/dynamics365/fin-ops-core/dev-itpro/data-entities/enumerations

Microsoft Learn. (2024). Modify tables through extension. Retrieved from Dynamics 365 Finance & Operations Developer Documentation. https://learn.microsoft.com/en-us/dynamics365/fin-ops-core/dev-itpro/extensibility/modify-existing-field

Microsoft Learn. (2024). Define field groups. Retrieved from Dynamics 365 Finance & Operations Developer Documentation. https://learn.microsoft.com/en-us/dynamicsax-2012/developer/how-to-create-a-field-group