One of they key tenets of Lean Manufacturing is QCD.
It’s all about trying to optimise a task in terms of Quality, Cost and Delivery Time.
As a decision making tool
I like it because it’s a really simple way to analyse a situation. For instance ‘which web developer shall I hire?’
People’s natural inclination might be to go for the cheapest, but by thinking in terms of QCD you’re more likely to pick the best overall candidate.
It also forms a good basis for assessing people’s work. Was it high quality? Was it affordable? Was it on time?
It’s surprising how many applications it has - so if you’re going to remember any three letter acronym, make sure it’s QCD!