In Salesforce, What are the best practices in determining whether a formula field should be created versus workflow field update?

Hi Tanu,

Basically both are completely different.

Formula field are used when there has to be a Formulated value also to be displayed in another field etc.

Formulas are run only when the record is loaded.

Whereas Workflow used when based on a certain criteria we have to update a field automatically.

Workflows are used based on Save / Edit of a record.

Hope this helps you.

Thanks