function funName(value) {
$("#chgCol").css("color",value);
}
<body>
<!--choose these options to change text color-->
<select onChange="funName(this.value);">
<option></option>
<option value="red">Red</option>
<option value="green">Green</option>
<option value="blue">Blue</option>
</select>
<span id="chgCol">Change Color</span>
</body>