Which is the most efficient formula in this case with multiple conditions?

I want to set up a formula that reflects Status in the Parent row. Below are the conditions:

If all CHILDREN tasks are Not Started, then PARENT status is Not Started

If any CHILDREN task is In Progress or Completed, then PARENT status is In Progress

If all CHILDREN tasks are Completed, then PARENT status is Completed


I don't know where to begin. My nested IF statements are getting too long and complicated.

Thank you!

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