[SalesForce] ISPICKVAL with Custom Label

When using the INCLUDES funtion, you have to use literal text. See help docs tip below:

Tips: The text_literal expression must be of type text and enclosed in quotes. It cannot be a merge field or the result of a function. Salesforce returns an error if any of the following occurs: You do not provide a text_literal expression. You provide an empty text_literal expression, such as "" or " ". Use ISBLANK to determine if a multi-select picklist field is empty. Use the PRIORVALUE function inside the INCLUDES function to check if the previous value of a multi-select picklist field included a specific value. For example: INCLUDES( PRIORVALUE(multiselect_picklist_field), text_literal )

I did this a very different way...

So rather than use a Formula field to do this I use a workflow rule with a field update. The amount of space in the field update is much greater so your statements will not be an issue.

In fact I use this method to check the difference between the Product total amount (roll up of Opportunity Line Item) and the Estimated Revenue that the Opportunity Owner enters manually (this being their best idea of the value of the opportunity at any given step).

We check the month, quarter and year of the opportunity, check whether the value is above or below a certain threshold and the line of business and the end response sets a field (called RedAmberGreen__c) that is not on their page view and then I use a formula field to show either a red, amber or green light.