A is correct: This formula correctly uses the If() function combined with the logical AND operator (&&). This ensures that the output is 'High Risk' only when *both* the budget condition (Budget > 500000) and the duration condition ('Duration Months' > 12) are true.
B is incorrect: The `Switch` function evaluates a single expression against a set of values, not multiple independent boolean conditions as required here. It's not designed for complex conditional logic based on combined criteria.
C is incorrect: Formula columns in Power Fx fully support logical operators (&& for AND, || for OR) and complex conditional statements within If() functions, making this statement incorrect.
D is incorrect: This formula uses the logical OR operator (||), which would result in 'High Risk' if *either* the budget *or* the duration condition is met, not *both* as specified in the requirement.