Primarily used by troubleshooters to sound professional and knowledgeable while making a joke at the customer's expense. This can horribly backfire if the said customer is not as stupid as he/she sounds and is able to figure out the acronym.
TS: And what seems to be the problem
Customer: I just got it and it's not turning on! : (
TS: Sounds like a PIBTAC issue, i'll look into that for you.