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Code code:"if (foo != bar)"
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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.

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Formula Help - alternative of using nested if in formula due to size limitation

Can anyone kindly help me with with following salesforce formula I have been trying to write. Formula is getting fairly complex and large due to number of conditions. … I have been trying to write overall status formula but this is just crossing formula compilation limit of 15k bytes. This is what I have written. …