WIP (Work In Progress)

Work In Progress (WIP) refers to partially completed goods or projects that are still being worked on but are not yet finished. For example, in manufacturing, WIP includes products on the assembly line that haven’t been packed or shipped. In service industries, it might be tasks currently being worked on but not complete. WIP helps businesses track ongoing work, manage resources, and assess production flow or project status. It’s a crucial metric for understanding how much work is actively being handled at any given moment, enabling better planning and efficiency.