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Default If statement for fields with text

Hi,

I need help with a if statement. The look up column contains one of 3 text
values - On time, Early, Late. I'm trying to use the OR function in the IF
statement i.e. If (I2 = OR(on time, early, late)), Complete, In progress).
However, the OR function only works with numerical values. Has anyone tried a
similar 'if' statement (with text) successfully? Please tell me how you made
it work.

Also, let me know if there is any other statement that I can use to
accomplish the above result.

Thanks in advance for your advice.
 
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