My formula:
=IF(AND([Column 1]="Low",[Column 2]="Low"),
"No",
IF(AND([Column 1]="Low",[Column 2]="Medium"),"No",
IF(AND([Column 1]="Low",[Column 2]="Medium-High"),"No",
IF(AND([Column 1]="Low",[Column 2]="High"),
"No",
IF(AND([Column 1]="Medium",[Column 2]="Low"),
"Yes",
IF(AND([Column 1]="Medium",[Column 2]="Medium"),"No",
IF(AND([Column 1]="Medium",[Column 2]="Medium-High"),"No",
IF(AND([Column 1]="Medium",[Column 2]="High"),
"No",
IF(AND([Column 1]="Medium-High",[Column 2]="Low"),"Yes",
IF(AND([Column 1]="Medium-High",[Column 2]="Medium"),"Yes",
IF(AND([Column 1]="Medium-High",[Column 2]="Medium-High"),"No",
IF(AND([Column 1]="Medium-High",[Column 2]="High"),
"No",
IF(AND([Column 1]="High",[Column 2]="Low"),
"Yes",
IF(AND([Column 1]="High",[Column 2]="Medium"),"Yes",
IF(AND([Column 1]="High",[Column 2]="Medium-High"),"Yes",
IF(AND([Column 1]="High",[Column 2]="High"),
"No",
"INPUT MISSING"))))))))))))))))