Risk Management Formula

Anil Rattan · 05/05/20

I have two columns named Probability and Occurrence. Both the columns has a closed list. User have to select from Very Low (1), Low (2), Medium (3), High (4) and Very High (5). When the users select medium from one column and high from the second column then the third column should multiply the 3 x 4 = 12. The third column should give me the number 12.

Any suggestions?

Paul Newcome · 05/05/20

Ok. In that case we would use a nested IF statement to convert the Probability data into the appropriate number then do the same for the Occurrence data. Once those are converted into numbers, you can use a basic formula to multiply them together into our Score column.

[Probability Helper]:

=IF(Probability@row = "Very Low", 1, IF(Probability@row = "Low", 2, IF(Probability@row = "Medium", 3, IF(Probability@row = "High", 4, 5))))

[Occurrence Helper]:

=IF(Occurrence@row = "Very Low", 1, IF(Occurrence@row = "Low", 2, IF(Occurrence@row = "Medium", 3, IF(Occurrence@row = "High", 4, 5))))

Score:

=[Probability Helper]@row * [Occurrence Helper]@row

Paul Newcome · 05/05/20

You can choose which column(s) to apply the formatting to by clicking on the link titled "entire row".

Paul Newcome · 05/05/20

There a a few different ways this can be accomplished. You could use helper columns to convert the Probability and Occurrence columns into the numbers then multiply those numbers together. You could create a longer formula that does it all in one column. Or you can build out a quick grid and use a formula to reference it.

Which option sounds like what you would prefer?

Anil Rattan · 05/05/20

I am not a programmer and need some help with the syntax. Thanks!

Paul Newcome · 05/05/20

It depends on which solution you would prefer. Do you want a larger formula in one column, two medium sized formulas in some helper columns, or a smaller formula that references a 5x5 table?

Anil Rattan · 05/05/20

two medium size are ok. Thanks!

Paul Newcome · 05/05/20

Ok. In that case we would use a nested IF statement to convert the Probability data into the appropriate number then do the same for the Occurrence data. Once those are converted into numbers, you can use a basic formula to multiply them together into our Score column.

[Probability Helper]:

=IF(Probability@row = "Very Low", 1, IF(Probability@row = "Low", 2, IF(Probability@row = "Medium", 3, IF(Probability@row = "High", 4, 5))))

[Occurrence Helper]:

=IF(Occurrence@row = "Very Low", 1, IF(Occurrence@row = "Low", 2, IF(Occurrence@row = "Medium", 3, IF(Occurrence@row = "High", 4, 5))))

Score:

=[Probability Helper]@row * [Occurrence Helper]@row

Anil Rattan · 05/05/20

Is there is any way, I can also add different colors to each selection. If it's Very Low then it's yellow, Low is orange, etc.

=IF(Probability@row = "Very Low", 1, IF(Probability@row = "Low", 2, IF(Probability@row = "Medium", 3, IF(Probability@row = "High", 4, 5))))

Paul Newcome · 05/05/20

Do you mean the cell fill color? If that is the case, then you would use conditional formatting.

Anil Rattan · 05/05/20

Yes. I tried it but it highlights the entire row based on my column 1 formatting. I want to apply different format to different cells based on above criteria.

Paul Newcome · 05/05/20

You can choose which column(s) to apply the formatting to by clicking on the link titled "entire row".

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Risk Management Formula

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