A couple of questions first.
1. What happens if the name is in the list and the value >0, or =0?
2. When you say spaces, is the cell blank or does it contain actual spaces and if so, how many?
Let's ignore the name in list part for now and assume that spaces mean a blank cell and we are looking at cell B2.
=IF(LEN(B2)=0,"",IF(B2=0,"Bid In Estimating",IF(B2>0,"Decision Pending","Unknown Condition)))