Yes the curse of the TLA (three letter acronym or DECronym for those long enough in the tooth to remember Digital). The other thing to avoid is medical abbreviations that appear in patient notes (via the UK’s NHS app).
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Looks like… crap, but you could mitigate that by using {FMC} (not fun to type, but maybe assigning it to F1 - F12 or a macro pad). 
Is it possible to highlight a character name and it will automatically change throughout the document?
Not automatically, but you can do a Project Replace.
(Make a backup first, please.)
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Remember to check the Possesive for that new name. Project Replace that as well if necessary.
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Project replace can be a little dangerous when trying to do this.
AntoniDol is correct that the possessive is important.
But if you configure it to ‘starts with’, it will automatically handle the possessives.
But let’s say you want to change the name of Bill to Fred. You might end up with a scene where someone is trying to pay their ‘telephone Fred’. Not likely what you have in mind. Or maybe a CEO will end up claiming that they have revenue of over a Fredion bucks.
So depending on the name, there can be countless little invisible potholes in that path. Make sure ‘ignore case’ is not checked.
It’s safer to do a search and replace and just bang through them.
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the other thing is to make sure in the contain field it is the whole word, so only Bill will change, not billing, etc.
Interesting when changed Bill to Fred the possesive Bill’s became Fred’s
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