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Shelly GilletteShelly Gillette 

I am trying to write a formula that looks for a specific value in a picklist field. If the value specific value is selected populate a date field by adding 10 days from the date the value was selected?

Andrew GAndrew G
Hi Shelly

If we think about what you are trying to do, is detect a change in a picklist, and then set a formula date field.
Formula fields cannot detect changes, they simply compute.  
If you check the Formula Functions that are available there is no PriorValue or IsChanged option.

To do what you are wanting, you will need to use Process Builder or Flows.
Do something like the following:
1. Create the field to hold the Date - "picklistchangedate"
2a. Create a process, define the object and set to run on creation and any edit.  
2b. Create a decision point, "IsChanged" and have a test for Field is changed and Field value is desired value.
2c. Immediate action, set date field from step 1. as today + 10;