I ws once on a trade union course about a management initiative called the FAMAS(Financial and Management Accounting System) which was part of the FMI (Financial Management Initiative). By the third day we were on the second jargon sheet containing lists of acronyms which had been mentioned together with their definitions.

Our tutor, a very down to earth ex NUM (National Union of Mineworkers) activist came in and asked "Does anyone know anything about fish?" "What does it stand for?" asked one of the students. The tutors reaction is not printable.

My favourite management acronym was 'MARILYN' - Management and Recruitment in the Lean Years of the Nineties. I'm sure they made the problem up just for the acronym.