Help with nested If, Then Statement

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Hi, I inherited Smartsheet templates from a staff member no longer with the organization and am trying to understand the formulas driving our metrics and dashboards.

A column formula was written to generate schedule risk as follows:

The sheet columns:

Can someone please help me understand the logic in plain speak? I want to understand the conditions for when Green, Yellow, Red or Blue symbol is generated in "Schedule Risk" column.

Thanks in advance for your help!

Ryan

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