Following code can be used to dynamically remove a particular value from a multi-select option set:
function RemoveValuefromMultiSelectOptionSet(executionContext, valueInteger)
{
var formContext = executionContext.getFormContext();
formContext.ui.controls.getByName("new_multiselectpicklist1").removeOption(parseInt(valueInteger,10));
}
Similarly, in case a value needs to be added dynamically (or be brought back according to context), following code can be used:
function AddValuefromMultiSelectOptionSet(executionContext, valueText, valueInteger)
{
var formContext = executionContext.getFormContext();
var newObj = { "text" : valueText, "value" : parseInt(valueInteger,10)};
formContext.ui.controls.getByName("new_picklist1").addOption(newObj);
}