Sharepoint 2013 - Calculated field help

Question

Hi everyone,
im stuck .. on trying to figure something out,
and have exhausted all my knowledge and network trying to figure out this issue.
My Layout
So i have a list with two columns which are dropdown lists.   [Likelihood]  [Consequence]
i have values which dependent on the combination of the two dropdowns i need to show which value.
My Issue
IF [Likelihood] = Almost Certain
And [Consquence] = Insignificant
Value shown is HIGH
IF [Likelihood] = Likely
And [Consequence] = Minor
Value shown is LOW
ect......
hopefully this gives an insight of what im trying to do.
Many thanks for any help.
Matt

Answer 1

Hi Madhusudhan,
Yes, so when creating a new item i need it to calculate the rating whilst also if i decide to go and ammend one of the column drop downs  (but since its a calc column, it shouldnt be an issue)
So my DropDown Columns are:
[Likelihood]                                [Consequence]                                    
[Value]
- Almost Certain                             - Insignificant                                  
<Calculates based on drop downs>
- Likely                                          
- Minor
- Possible                                       - Moderate
- Unlikely                                        - Major
- Rare                                            
- Severe
Very much like Cam below has suggested, but it only half works.
Many thanks for any help or support