Help Correcting Nested IFAND Statement

After searching here and looking at the nested ifs reference, I believe I’m close, but not quite there.

I want the formula to look at values in two fields (likelihood of a problem; severity of a problem) and return a third value (combined level) depending on the combination. A sample of part of it is below.

Example formula so far:

IF(
AND({Likelihood} = “Improbable”, AND({Severity} = “Acceptable”)),
“Low”,
IF(
AND({Likelihood} = “Improbable”, AND({Severity} = “Tolerable”)),
“Medium”,
IF(
AND({Likelihood} = “Improbable”, AND({Severity} = “Undesirable”)),
“Medium”,
IF(
AND({Likelihood} = “Improbable”, AND({Severity} = “Intolerable”)),
“High”
)
)
)
)

Instead of
AND({Likelihood} = "Improbable", AND({Severity} = "Acceptable"))
do this:
AND({Likelihood} = "Improbable", {Severity} = "Acceptable")

Or simplify your formula to only ask each “question” once:

IF(
   {Likelihood} = "Improbable",
   SWITCH(
      {Severity},
      "Acceptable", "Low",
      "Tolerable", "Medium",
      "Undesirable", "Medium",
      "Intolerable", "High"
   )
)

Thank you! I appreciate your kindness here.

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