Help with WW II acronym

WW II Col. Sidney Hines was an Olympic shooter and a regimental commander in the 2nd Armored Division. He said:

"He must understand that the basic fundamentals (position, squeezing, aiming) are just as effective on the front lines as they are on the range at Benning. The 'bolo' there is the casualty here."

I know of bolo in law enforcement (be on the lookout) or bolo machetes, but what does bolo mean in this context?
 
Not sure it’s an acronym, but the term was still in use much later during my service.

Used in a sentence “that ate-up private really bolo’d that”
 
Found this:

":The term, “to bolo” is a term quite often used in the U.S. Army. Is a perjorative term meaning the same as, “to fail”. “A bolo” is a person who is deemed, “a sorry individual”. NOT capable of getting with the program and passing tests, meeting even the lowest modicum of requirements.

The origins of this term are most surprising:

"In the US military, the slang term "to Bolo" a test, exam or evaluation [to fail!!] came from the Philippine/American guerrilla forces in World War II; those guerrillas who failed to demonstrate proficiency in marksmanship were issued bolos [knives] instead of firearms so as not to waste the scarce ammunition."
 
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