List column results the list value based on the value selected in another list column in worksheet

Summary:

Hello all,

we are having requirement that, display of LOV in list column in worksheet should result based on the value selected from the another list column.

let say in 'List Column 46' list values are "Yes", "No".

and in 'List Column 47' list values are "Award", "Base Pay Increase" and "NA"

our requirement is when user selects "No" in 'list column 46' then 'list column 47' should result "NA" value and when user selects 'Yes' in 'list column 46' then 'list column 47' should display "Award" and "Base Pay Increase" values.

Can this be achieved by fast formula? if yes, any suggestions will be appreciated.