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For those who prefer a slightly more pleasant looking acronym, there is also:

PICNIC == "Problem In Chair, Not In Computer"

I like that better. That said, imagine the office:

— "It's PICNIC again, guys"

— groans all around

We had PICNIC back in the day in the UK too, plus "ID ten T" often went on the notes.

ID10T

some car mechanics say that it is a problem of the piece/part located between the driving wheel and the driver's seat.