OR is used you want to get required result if any condition is TRUE.
- Any conditions with OR need to be TRUE
- =OR(unitsInStock > 1000 , soldLastYear < 100)
- =IF(OR(unitsInStock > 1000, soldLastYear < 100), "Clearance","Normal")
Create following columns:
OR example:
putOnClearance (Calculated Column)

=OR(UnitsInStock>1000,soldLastYear<100)
Output:

IF-OR example:
Create column: IF-OR (Calculated Column)

=IF(OR([UnitsInStock]>1000, [soldLastYear] <100),"Clearance","Normal")
Output:
