The MAX function will find the largest value in a given list of data.
The IF function lets you set conditions so that you can control what data is used by a formula.
An array formula lets you carry out multiple calculations in a single cell.
Put them all together and you have a single formula that will test one range of data to see it meets the set condition, and, if it does, the formula will find the largest value in a second range.
To find out all the details, read this tutorial on the Excel MAX IF Array Formula.
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This formula is awesome. I am now able to do some really cool agile tracking calculations that was impossible before. Thank you