Convert Field display into different text

[juli5e]

What would be the best way to convert a field display, ie. "standard" into "std"? For example:
if I have fields that contain text "standard", "mfg hold", and "cancel" and I want them to show as "std", "hold", and "c", how would I do this?

 

[kenhamady]

You would write a formula field that sais:

IF {field} = "Standard" then "Std" else
IF {field} = "mfg hold" then "hold" else ...
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