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How do I use a formula in my parent row to update based on the children's status? I want the parent row to to "Active" if any of the children are "Active", "Complete" if all of the children are "Complete, otherwise, "Inactive. 

Comments

I would use an IF formula. Try this:

=IF(countif(children(),"Active")>0,"Active",IF(countif(children(),"Complete")=count(children()),"Complete","Inactive"))