Work in process or work-in-process, (WIP), work in progress (WIP), goods in process, or in-process inventory refers to a company's partially finished goods waiting for completion and eventual sale, or the value of these items. The term is used in supply chain management, and WIP is a key input for calculating inventory on a company's balance sheet. In lean thinking, inappropriate processing or excessive processing of goods or work in process, "doing more than is necessary", is seen as one of the seven wastes (Japanese term: muda) which do not add value to a product.
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In this Dossier
Work in progress in the context of Final product
In production, a final product or finished product is a product that is ready for sale, distinguishable from a business's work in progress, which is not yet complete or ready for sale.
For example, oil is the final product of an oil company. The farmer sells his vegetables as his final product, after they have been through the whole process of growth.
Work in progress in the context of Manufacturing process management
Manufacturing process management (MPM) is a collection of technologies and methods used to define how products are to be manufactured. MPM differs from ERP/MRP which is used to plan the ordering of materials and other resources, set manufacturing schedules, and compile cost data.
A cornerstone of MPM is the central repository for the integration of all these tools and activities aids in the exploration of alternative production line scenarios; making assembly lines more efficient with the aim of reduced lead time to product launch, shorter product times and reduced work in progress (WIP) inventories as well as allowing rapid response to product or product changes.