=IF((IFERROR(VLOOKUP(SUBSTITUTE(SUBSTITUTE(cell_reference," ",""),"-",""),validation_data,2,FALSE),"No"))="No","No","Yes")
substituting "No" with "O" and "Yes" with "P" and changing the font to Wingdings 2 (Microsoft) should return
Substitute was used to remove white space as well as hyphens as the validation database was void of white space and hyphens.
Also the index / match can be used
(INDEX(target_result,MATCH(criteria,target_search_criteria,0))
Cheers!
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