Hi, and welcome to the forum.
This could be a bit tricky, depending upon how many terms you're looking to replace.
Basically, you need the InStr function. The InStr function determines if a specified string exists anywhere in another string.
If the specified string does exist, the function returns the integer position within the string where the substring exists, but if the substring does not exist in the longer string, the function returns a zero value.
It would look like this:
For multiple search terms, you'd use a nested If, along the lines of:
Nested Ifs can get a bit messy when combined with other functions and thus require some attention to detail to get the correct results. An important limitation for you with v5 is that your calculated field expressions can only be about 1,024 characters. So if you need a few search term replacements, you could well run out of room.
Another approach would be to use a lookup table calculated field. The drawback is that lookup tables require manual editing.
Actually, these types of lookups (if you don't have a version of Monarch that handles lookups) don't require "nested" IF()s, they can be written like this:
The problem occurs when the column has both words "Management Storage".
The nested formula Kruncher provided will only return the first match it finds, in this case "mgmt".
My formula will return all matches: "mgmtstorage fee". (There won't be a space between return strings unless explicitly added).
One final note, I don't recall if Instr() is case sensitive, so you may want to do a case conversion (Lower() or Upper()) before doing a comparison.