Multiple If statements with multiple then statements pulling from Index/Match commands

Something like this:

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Post a workbook. How many types do you have?

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In the IF() formula, it tests for "V", if "V" is found, the test returns TRUE, and the first Index function is evaluated/executed, if not, the second is. However, I suspect there are many more of these codes, so the IF statement may not work; thus the request for a workbook.

Testing for three criteria requires a 2-level nested if formula:

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The first IF tests for V, and, if found, the first Index is evaluated. If V is not found, the inner IF tests for N, if N is found, the first Index of the inner IF function is evaluated, if not, then P is assumed and the last Index is evaluated.

An alternative is the Choose function will branch to a specific Index function based on the position the test code (Left(E15,1)) is found in the lookup array:

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For instance if E15 is N... then Match(E15... returns 2 and Choose evaluates the second Index in the list.