Formula for status columns field values to provide a summary of risk

Project risk is performed using a RAG rating but I would like to use three variables to determine a summary RAG rating for the project. The variables are time, specification and budget. The values of each of these are as below:

  • Time: ‘On Time’; ‘Time Risk’; ‘Over Time’
  • Specification: ‘To Specification’; Specification Risk’; Out of Specification’
  • Budget: ‘On Budget’; Budget Risk’; Over Budget’

RAG Rating Summary should be:
Green if ‘On Time’ / ‘To Specification’ / ‘On Budget’
Amber if one or more are ‘Time Risk’ / Specification Risk’ / ’ Budget Risk’
Red if one or more are ‘Over Time’ / ‘Out of Specification’ / Over Budget’

Is this formula possible in monday.com - happy to make changes to the field values if needed.

Thank you in advance. Gemma :slight_smile:

@JCorrell I hope you are well and don’t mind me pulling you into my query, but you were so helpful with my last query and wondered if you had any ideas on this one? Best wishes Gemma