=IF(LEFT(A492,2)="SU","SUGGESTION",IF(LEFT(A492,2)="BU","BUG","?"))
This query means: look at left 2 char in cell A492, if it says SU then populate [this] field with the word SUGGESTION. If cell says BU then populate [this] field with the word BUG. If it is neither SU or BU then populate field with the character ?
=IF(B491="Critical","BUG",IF(B491="High","BUG",IF(B491="Significant","BUG",IF(B491="To be Confirmed","?","SUGGESTION"))))
This query means: look at cell B491, if it says "Critical" (or "High" or "Significant" - *note* there are 3 IFs for this) then populate [this] field with the word "BUG". 4th IF: if cell B491 = phrase "To be Confirmed" then populate with the character ?, otherwise populate field with the word SUGGESTION.
*Don't forget to count all the open brackets and make sure you have the same amount of closing brackets at the end.