What is the difference between using Global or an initiative called when you configure custom or user-defined fields?

What is the difference between using global or initiative when setting custom fields?
If you have or are never going to have multiple initiatives, him setting the Global causes all initiatives for this area.  If you start by choosing the initiative or initiatives that you want to use this area (the recommended way to go), you have choices later if you add another initiative.  I always go to the initiative, and then it can be added to the new initiative that I wanted.

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