However, there's an implicit 4th condition: blank or other than the
listed items.

You may be exactly right, depending on the user's situation (there's not
enough info in the OP to tell): If "awarded","launched","high","medium"
and "low" are the only allowed values in the cell, then your statement
is perfectly correct.

OTOH, if the user can enter anything else, the green color from your
list will imply incorrect information.



In article ,
Dave F wrote:

This is really three conditions:

Condition 1: Cell value = "medium" then yellow
Condition 2: Cell value = "low" then red
Condition 3: Cell value = not medium or not low, then green.

Dave