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I have a picklist field with following values: fall2019,Winter2019,summer2018.I have one more formula fleld, If an user selects Fall2019 from the picklist,the formula field should return 8193.8-default for all cases,19-year,3-value for fall

Seems like a simple formula field where you can use case/select statements on the picklist field and assign the results to the formula's value.
Just use TEXT(picklist Field) to convert the picklist value to a string you can use in the case/select statement.