Formula help needed

Lpertence 

You should try below formula:

=IF(AND(OR(Power="3",Power="4"),OR(Impact="3",Impact="4")),"Manage Closely","")&IF(AND(OR(Power="3",Power="4"),OR(Impact="1",Impact="2")),"Keep Satisfied","")&IF(AND(OR(Power="1",Power="2"),OR(Impact="3",Impact="4")),"Keep Informed","")&IF(AND(OR(Power="1",Power="2"),OR(Impact="1",Impact="2")),"Monitor (Minimum Effort)","")

See output as below:

Official Documentation:

https://docs.microsoft.com/en-us/previous-versions/office/developer/sharepoint-2010/bb862071(v=office.14) 

Important:

All example formulas in this topic use commas "," as the parameter delimiter character. In some countries, the comma is reserved for use as the decimal mark. In such countries, users creating a calculated field must use semi-colons ";" as the delimiter character. Regardless of which character is used when the field is created, the formula works on lists in SharePoint websites anywhere in the world. SharePoint automatically changes the delimiter character to the one that is appropriate for the language/culture of the current page. For example, suppose the following formula is created on a website whose culture setting is fr-fr (France): =IF(Number1>Number2;5;10). If the website's culture is then changed to en-us (United States), the formula changes automatically to: =IF(Number1>Number2,5,10).

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