Various versions of this basic framework exist. IDEO use the terms desirable, viable and feasible. Jump Associates blend the three together for hybrid thinkers - part humanist, part technologist and part capitalist. Though I think my first knowledge of this framework comes from Liz Sanders at Sonicrim with the terms: useful, usable and desirable.
All this said, I do find people often gloss over the blood, sweat, tears, failure and iteration that doesn’t fit on the diagram.