Work in process

Work in process or work-in-process, (WIP),[1][2][3][4] work in progress (WIP),[5][6][7] goods in process,[1] or in-process inventory refers to a company's partially finished goods waiting for completion and eventual sale, or the value of these items.[8] 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.[9][10]

  1. ^ a b "Work-in-process dictionary definition | work-in-process defined". business.yourdictionary.com. Retrieved 2014-07-12.
  2. ^ "WORK IN PROCESS DEFINITION". ventureline.com. Retrieved 2014-07-12.
  3. ^ "What is work in process? definition and meaning". businessdictionary.com. Archived from the original on 2019-12-05. Retrieved 2014-07-12.
  4. ^ "Work in Process financial definition of Work in Process". financial-dictionary.thefreedictionary.com. Retrieved 2014-07-12.
  5. ^ "Collins English Dictionary | Always Free Online". collinsdictionary.com. Retrieved 2014-07-12.
  6. ^ "Work In Progress (WIP) Definition | Investopedia". investopedia.com. Retrieved 2014-07-12.
  7. ^ "What Is Work-In-Progress (WIP)? | Finance Strategists". Finance Strategists. financestrategists.com. Retrieved 2020-11-11.
  8. ^ "W - Wage to WTO (World Trade Organisation) - Dictionary". tuition.com.hk. Retrieved 2014-07-12.
  9. ^ EKU Online, The Seven Wastes of Lean Manufacturing, Eastern Kentucky University, accessed 6 March 2023
  10. ^ McDonald, M. P., Inappropriate Processing: Muda matters in IT, Gartner, published 9 October 2009, accessed 7 March 2023