"Change Component" allows you to change the to a different Component.
"Propagate Upstream/Downstream" will copy the component to a matching upstream or downstream Resource Type.
"Remove Property" will remove the Property from the selected Resource Type or Component.
It is also possible to edit target values, lower spec limits (LSL) and upper spec limits (USL) for property values. Properties can be added to your Library from Design Mode, or through your Process Library.