Thanks for all the responses! Right after I posted this I figured it out how to do it this way. Any suggestions on adding an elif statement that will tell the user if there are any values in the field that are not in the list? Example: "ANB" instead of "ABN"
import arcpy
fc = arcpy.GetParameterAsText(0)
LifeCycleStatus1 = ["ABN", "ACT","AB","CHGORD","DEM","INA","OTH","PRP","RMV","UNK","FV", "FD"]
LifeCycleStatus2 = ["Abandoned","Active","As Built","Change Order","Demolished","Inactive","Other","Proposed","Removed","Unknown","Field Verification Required","Future Development"]
try:
i=0
for life in LifeCycleStatus1:
cursor = arcpy.da.UpdateCursor(fc, ["LIFECYCLESTATUS"])
for row in cursor:
if row[0] == LifeCycleStatus1[i]:
row[0] = LifeCycleStatus2[i]
cursor.updateRow(row)
i+=1
except RuntimeError:
pass