Per the link posted, this is the format you want:
Formula That Returns Strings
IF (Length < 900, “Opening too narrow”, “Opening OK”)
Issues you have:
Do not put quotes around parameter names. Quotes are only used for indicating a strings, i.e. letters. The results you want will be strings, so the quotes are correct there. "AB", "CD", "EF".
You don't use otherwise or then. These are implied within the syntax. Nor do you include the parameter you are defining. It is just:
if (condition, result if true, result if false).
Because you have three desired conditions/results, you have to nest an if statement in the first result if false. So:
if (condition, result if true, if (second condition, result if true, result if false).
You also need to make sure the parameter you are making a formula for is a text parameter.
Other things should be self explanatory. So you're desired formula should be:
if(Revision Sequence = 0, "NM", if (Revision Sequence = 1, "AP", "JC"))
Edit: That last bit actually depends on what happens if there is nothing in Revision sequence. You probably want to add a final if statement for if Revision Sequence is blank. So:
if(Revision Sequence = 0, "NM", if (Revision Sequence = 1, "AP", if (Revision Sequence = 2, "JC", " ")))