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Can health status be dependent on another cell's value?

I would like to make a column of health dependent on the status column. Not started -> grey, at risk -> red, etc. I typed the following formula but am not able to generate results. Is this a possibility in SS? If so, what am I doing wrong? I'd like to apply the formula to a whole column, but SS is kicking back a syntax error when I convert to column formula. Screenshot attached as well.


=IF(Status3 = "Not Started", "grey" = IF(Status3 = "In Progress", "yellow", =IF(Status3 = "At Risk", "red", =IF(Status3 = "completed"))))




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