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Here what the Bentley Map Help file says about the Value Column Name and the Edit Column Name > The Value Col Name is the column from the query that will actually be stored in the property. The Edit Column name is the column from the query that will be displayed in the combo box.
That means the “Value Col Name” can be seen as the stored value and “Edit Col Name” as the display value.
Screen shot from the provided geo_example schema, typically located here > C:\ProgramData\Bentley\...\WorkSpace\Projects\Examples\Geospatial\geo_example\xml\schema.