=hlookup(a1,{"frequent","occa,,,","uncc...","remot e";4,3,2,1},2,0) *
hlookup(b1,{"cat","maj","mod","minor";4,3,2,1},2,0 )

where a1 and b1 are your validation lists

correct the spelling in the formula

"watermt" wrote:

I have two validation lists, each have four options in their respective list
with ranges of 4 to 1. I need a formula that will display the results of the
selection in the Probability column x Severity of Effect column and display
the results under the Ranking column.

Probability Severity of Effect Ranking
Frequent x Catastrophic 16
Occasional x Major 9
Uncommon x Moderate 4
Remote x Minor 2