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If Statements, alternatives and performance

Okay, this might be stupid but here goes.

I have a straight table, and one of the expressions is just an IF statement, that if some conditions are met, it shows a field, if they are not met, it say 'Not Set'. But as soon as I enable this expression it slows my chart right down. Now I am aware of the benefits of moving away from if statements and using say, set analysis instead. But Set Analysis only works in sum() and count() expressions right?

So the question is, is there an alternative to having the following expression in my chart, that would improve performance:

if(CONDITIONS, FIELD, 'Not Set')

(obviously the conditions and field have real values in my application.)

Thanks in advance

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I have been thrown this application to make changes to... I think I need to learn to walk before I run. I will revisit the loads and table structure before going any further. Thanks anyway