I worked in engineering a long time and I never heard this. Not only that, I don't get it.
I’m in engineering too, and I have heard that saying.
The intended meaning is “you can have 2 out of 3, but not all 3”.
It’s generally the lament of people who spend all their time sitting on their @sses rather than actually doing the job. :)
I can give you high quality widgets. Great warranty on this product, because these babies will never break down on you.
I can give ramp up production, and get 1000 widgets moving out of the factory a day, as much as you possibly sell.
I can produce widgets are phenomenally low prices too.
The thing is, I cannot do all three of these things. That would be economically impossible and would put me out of business. I can, however, do any two of these things -- you just have to tell me which two.
As an example with health care: I can provide vast amounts of health care, and I can provide is super cheap! But the quality will be frightening.
Or
I can provide vast amounts of health care, with quality second to none in the world! but the price? Hoo-boy!!!!! Don't ask!