Is it possible to assign text as calculation values in a drop-down field?

I'm trying to display text instead of number values

e.g.

Drop Down list:

Auckland

Hamilton

Wellington

Values:

ACK

HAM

WEL

IS this possible?

Yes, you can assign text values as calculation values, for example:

And then you can use it in calculations:

Just make sure you selected the field as String (it needs to be gray like in the image above).
If you have any further questions please let us know.

Thank you!