Parent/child roll up formula

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Does anyone have feedback on the formula below? I may have some parentheses where there shouldn't be. Here is what I am trying to accomplish in the parent cell:

"Complete", if all children are "Complete"

Leave the cell blank, if all children are blank

"On Hold", if any children are "On Hold"

"Requirements Needed to Begin", if any children are "Requirements Needed to Begin"

"In Progress", if any children are "In Progress" 


=IF(COUNT(CHILDREN()) = COUNTIFS(CHILDREN(), "Complete"), "Complete"), IF(COUNTIFS(CHILDREN(), 0), 0), IF(COUNTIFS(CHILDREN(), "On Hold") > 0, "On Hold"), IF(COUNTIFS(CHILDREN(), "Requirements Needed to Begin") > 0, "Requirements Needed to Begin"), IF(COUNTIFS(CHILDREN(), "In Progress") > 0, "In Progress")


Thank you!

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