Disconnect the battery from the handle.
Hold the drill with the chuck facing upwards. Grab the chuck ring at the collar and twist it to the left. The chuck will open, loosening the bit that is in the drill.
Pull the drill or screw bit out of the chuck and replace it with the desired size.
Tighten the chuck by twisting the ring to the right. Ensure that the new bit is firmly and squarely seated in the chuck before a final tightening.
Connect the battery and briefly run the drill while observing the bit. If the bit seems to wobble in its path, then place the drill into the stop setting, open the chuck slightly and reseat the bit. Close the chuck and re-test.