I would say that a SAS FORMAT look-up (using a PUT function, or sometimes when using a PROC with a FORMAT statement) can be a more efficient performer depending on the search size. And I also would agree that the idea of maintaining a SAS format (no moving parts, like SAS statements) can also be more effective / efficient from a support perspective, particularly when using CNTLIN= to generate the FORMAT itself.
As well, consider that PROC FORMAT was enhanced with SAS version 6 to permit character-value range strings which afforded the opportunity for data-string prefix wildcarding, when coded correctly. Consider that SAS can be influenced in the search/match behavior, choosing either "most discrete match" or "first entry match" when using a particular user FORMAT, as well.
Scott Barry
SBBWorks, Inc.
Suggested Google advanced search argument, this topic / post:
proc format character value range site:sas.com
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