Hi,
Well, the prupose of the formula is, in the end, to lookup a text value based on an input value. This is best accomplished with a lookup function.
ANY of the lookup functions could be used - LOOKUP, HLOOKUP, VLOOKUP, CHOOSE, INDEX, etc.
Here is a version that utilizes SUMPRODUCT, but since SUMPRODUCT is a more general purpose array function, and it performs math on the array (it SUMs all the values in the array), it has more work to do and is likely a little slower than a pure lookup function solution:
=CHOOSE(SUMPRODUCT(--(E2>={1,11,13,14})),"High","Medium","Low","/")
Totally irrelevant to your question… but if you wanted to summarize your data based on the count of High,Medium,Low,/ values you could either use COUNTIF formulas, or an array formula using FREQUENCY, which counts values into "bins" (groups by value ranges). Unfortunately, FREQUENCY identifies numbers that are <= bin values instead of >= as LOOKUP does, but a bit of math and an INDEX function will have it group values the same way LOOKUP does:
=INDEX(FREQUENCY($E$2:$E$100+0.000000000000001,{1,11,13,14}),ROW($2:$5))
To enter the above array formula, enter it in a vertical range of 4 cells. In the 4 cells to the left or right of that formula, type the following labels:
High
Medium
Low
'/
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