Formula column type is used to perform some kind of computation. You can click on the F button to open the formula pane and then use any formula for function to perform a computation, like find the average or the greatest of three numbers.

You can find the list of all supported formulas here and the list of all the custom function list here

For the Above formula based on the rating value of Rating Column, Good or Bad Rating is shown in Formula column as shown below.

You can use Sort for arranging data in the text column. For more details on sort options you can refer to this.

You can use conditional formatting to better visualize the entries in each cell. For more details on conditional formatting options you can refer to this.

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