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Reference.org
Work in process
open-in-new
<p>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 <a href="/facts/Supply_chain_management/3bEP00vC">supply chain management</a>, and WIP is a key input for calculating inventory on a company's balance sheet. In <a href="/facts/Lean_thinking/RModHeXd">lean thinking</a>, 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: <i><a href="/facts/Muda_(Japanese_term)/0PTf0BAm">muda</a></i>) which do not add value to a product. </p>