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A formula is an algorithm that derives its value from other fields, expressions, or values. Formulas can help you automatically calculate the value of a field based on other fields (from Salesforce doc). Formulas can be used in many areas of Salesforce other than just Formula Fields, such as Validation Rules and criteria for Workflow Rules and Approval Processes.
2
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How do I write a formula using a picklist and a date + value from picklist
I need to create a formula that uses the service level from the pick and custom field (last review date) to populate field (Next review date) based on the statement below:
If A, then LAST + 3 month … I tried formula below
IF(ISPICKVAL(PSG_Service_Level__c, "A"),
TEXT(MONTH(Last_Investment_Review__c + 3)) + "/" +
TEXT(DAY(Last_Investment_Review__c)) + "/" +
TEXT(YEAR(Last_Investment_Review__c)), "" …