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for ($status) {
    s/P|F|C|D|I/Posted/g;
...
    s/S/Save/g;
    s/X/Canceled/g;
}

my %subst={ A => 'Accepted',
            N => 'New',
...
            X => 'Canceled' };
$subst{$_}='Posted' for qw/P F C D I/;
$status =~ s/[A-Z]/$subst{$&}||$&/ge;