I have a picklist field which has value Yes and No. I would like to know if I can update this picklist field value based on a formula field.
formula field calculates whether the value will be yes or no.
Using Workflow Field Update to set a picklist value requires a unique workflow for each possible picklist value to set.
However, you can use ProcessBuilder to set picklist fields via a formula. This was delivered in Summer 15. Here is an example where Field
some picklist has two possible values -
Choice01. Using the value of
some_currency_fld__c, the picklist is set dynamically