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’.

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