Change "Add New Item" Link Text to something more descriptive

Requirement:
End user's requirement is to change "Add New Item" link text to "Add New Risk Metrics" , so that it will be more meaningful on Risk metrics list.

SharePoint 2010 change add new item text

Solution: 
In Content Editor Web Part, Place JavaScript that manipulates Add New Item text. In Detail:

1. Go to the target page >> Site actions>> Edit Page

2. Insert a CEWP just below the list view web part.

3. Place the cursor in CEWP, Click on "Edit HTML Source" link from HTML Ribbon Item's drop down menu.
4. In Content Editor web part enter the script:

<script type="text/javascript">
  document.getElementById("idHomePageNewItem").innerHTML="Add New Risk Metrics"</script> 

5. Save the page! see the result in action.

Use IE Developer Toolbox or Firefox Firebug to get the ID of similar links in other lists and libraries. E.g. For document library it is: "idHomePageNewDocument"

Tail:
Remove add new item link SharePoint 2010:
Edit the page and change List view web part's Toolbar Type to "No Toolbar" . If you see add new item link missing sharepoint 2010, change the list view web part's toolbar type to something other than "No Toolbar".