Work in progress: What is meant by

Work In Progress : What is meant by Work In Progress? Learn about Work In Progress in detail, including its explanation, and significance in Finance on The Economic Times. Work-In-Progress is often used interchangeably with Work-In-Process. Conceptually, both terms are similar in that they refer to the costs associated with a partially-finished good or service moving across the production floor. Learn what work in progress (WIP) is, how it is measured and reported, and how it is reduced in production. WIP is one of the three types of inventory, along with raw materials and finished goods. Work in Progress (WIP), also known as work-in-process or unfinished goods, is a key concept in process and production management. It describes the amount of work currently underway but not yet finished, influencing efficiency, costs, and delivery performance.