Each component of the OR function must return a TRUE/FALSE value....
however, if those components return numeric values:
0=FALSE,
any other number=TRUE.

Consequently, OR(2,3,4) is equal to OR(TRUE, TRUE, TRUE)

Try on of these:
=IF(OR(I54=2,I54=3,I54=4),"Low","")
or
=IF(OR(I54={2,3,4}),"Low","")

Does that help?
--------------------------

Regards,

Ron
Microsoft MVP (Excel)

(XL2003, Win XP)


"Chris T-M" wrote in message
...
I've boiled down a problem Function to the following statement:
=IF(I54=OR(2,3,4),"Low","")
I54 = 2
Function returns ""