Work in Progress (WIP) refers to items that have entered the production cycle but are not yet finished. WIP includes all aspects of a product or service currently being worked on by employees, from the initial stages of development to completion.
Work in Progress can be used to measure the progress of a company's work and how efficiently it is being completed. It is also a valuable tool for identifying areas where improvements can be made. By understanding where bottlenecks occur, businesses can change their processes to ensure work flows more smoothly and efficiently.
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