List comprehension is another way to create another column conditionally. If your working with object dtypes in columns, like in your example, list comps typically out perform most other methods.

Example list comp:

df['color'] = ['red' if x == 'Z' else 'green' for x in df['Set']]

%timeit tests:

import pandas as pd
import numpy as np

df = pd.DataFrame({'Type':list('ABBC'), 'Set':list('ZZXY')})
%timeit df['color'] = ['red' if x == 'Z' else 'green' for x in df['Set']]
%timeit df['color'] = np.where(df['Set']=='Z', 'green', 'red')
%timeit df['color'] = df.Set.map( lambda x: 'red' if x == 'Z' else 'green')

1000 loops, best of 3: 239 µs per loop
1000 loops, best of 3: 523 µs per loop
1000 loops, best of 3: 263 µs per loop

List comprehension is another way to create another column conditionally. If you are working with object dtypes in columns, like in your example, list comprehensions typically outperform most other methods.

Example list comprehension:

df['color'] = ['red' if x == 'Z' else 'green' for x in df['Set']]

%timeit tests:

import pandas as pd
import numpy as np

df = pd.DataFrame({'Type':list('ABBC'), 'Set':list('ZZXY')})
%timeit df['color'] = ['red' if x == 'Z' else 'green' for x in df['Set']]
%timeit df['color'] = np.where(df['Set']=='Z', 'green', 'red')
%timeit df['color'] = df.Set.map( lambda x: 'red' if x == 'Z' else 'green')

1000 loops, best of 3: 239 µs per loop
1000 loops, best of 3: 523 µs per loop
1000 loops, best of 3: 263 µs per loop