Let’s summarize all the various ways a set of initials may be written, and apply them to a single example:
Some of these results are silly, showing that the various styles are not always appropriate or necessary. When making a new acronym or initialism, a writer should choose a presentation that matches similar terms in the field and that is clear and understandable to the reader. The default modern style is all-capital initial letters with no spaces, e.g., ‘QWP’.