What does DISP=(NEW,CATLG,DELETE) actually mean?

I copy this DISP everywhere and pretend I understand it. Can someone break down the three parts in plain English?

Status, normal end, abnormal end.

NEW = create it for this step
CATLG = if step works, keep it and catalog it
DELETE = if step abends, throw it away

Common cousin: DISP=SHR means file exists, share for read.

MOD appends if it exists. OLD wants exclusive use. Getting these wrong is how you wipe a file or get waits.

Wrote this on a sticky note. Finally.