Create a formula using the IFS function:

1. Click on the desired cell to input the formula.
2. Go to the "Formulas" tab.
3. In the "Function Library" group, click on "Logical."
4. Select "IFS" from the list.
5. In the textbox, input the following conditions:

- [tex]G5 > 500000[/tex], return "M1"
- [tex]G5 > 250000[/tex], return "M2"
- Otherwise, return "M3"

Ensure you use quotation marks for the values "M1", "M2", and "M3".

The IFS function in Excel categorizes a value in G5 into "M1", "M2", or "M3" based on whether it's greater than 500,000, greater than 250,000, or neither, respectively.

Explanation:

To create a formula using the IFS function in Excel, you want to categorize a value based on certain criteria. The IFS function allows you to do this without nesting multiple IF functions. According to the instructions provided, you should click on the cell where you want the formula to go, then navigate to the Formulas tab, select Function Library, and then click on Logical to find the IFS function. Once you have the IFS function ready, enter the following conditions and outputs directly into the formula bar or the function dialog box:

If the value in cell G5 is greater than 500,000, return "M1".
If the value in cell G5 is greater than 250,000, return "M2".
If none of the above conditions are true, return "M3".

The corresponding formula would look like this:

=IFS(G5>500000, "M1", G5>250000, "M2", TRUE, "M3")

Make sure to use quotation marks around "M1", "M2", and "M3" because these are text values. The TRUE condition at the end acts as a default, catching any cases where the value in G5 doesn't meet the above criteria and assigning "M3".