How to edit a preferred name for a material?

Steps: Editing a Preferred Name 

1. Select the Home module button.
2. Select the Folder name that contains materials.
3. Right-click on a material that has a preferred name.
4. Select Add Preferred Name from the menu.

        5. Click the action Edit.

        6. Type a new preferred name in the text field.

        7. Click the Save button. 

   The updated preferred name gets confirmed through a message on the screen.