Work in process: Difference between revisions

Revision as of 12:31, 22 March 2024

Revision as of 12:32, 22 March 2024

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{{Short description|Partially finished goods waiting for completion and eventual sale or value of these items}}

{{redirect|Work in progress}}

'''Work in process''' or '''work-in-process''', ('''WIP'''),<ref name="yourdictionary">{{cite web|url=http://business.yourdictionary.com/work-in-process|title=Work-in-process dictionary definition &#124; work-in-process defined|publisher=business.yourdictionary.com|access-date=2014-07-12}}</ref><ref name="ventureline">{{cite web|url=http://www.ventureline.com/accounting-glossary/w/work-in-process-definition/|title=WORK IN PROCESS DEFINITION|publisher=ventureline.com|access-date=2014-07-12}}</ref><ref name="businessdictionary">{{cite web|url=http://www.businessdictionary.com/definition/work-in-process.html|title=What is work in process? definition and meaning|publisher=businessdictionary.com|access-date=2014-07-12|archive-date=2019-12-05|archive-url=https://web.archive.org/web/20191205005123/http://www.businessdictionary.com/definition/work-in-process.html|url-status=dead}}</ref><ref name="thefreedictionary">{{cite web|url=http://financial-dictionary.thefreedictionary.com/work+in+process|title=Work in Process financial definition of Work in Process|publisher=financial-dictionary.thefreedictionary.com|access-date=2014-07-12}}</ref> '''work in progress''' ('''WIP'''),<ref name="collinsdictionary">{{cite web|url=http://www.collinsdictionary.com/dictionary/english/workinprogress|title=Collins English Dictionary &#124; Always Free Online|publisher=collinsdictionary.com|access-date=2014-07-12}}</ref><ref name="investopedia">{{cite web|url=http://www.investopedia.com/terms/w/workinprogress.asp|title=Work In Progress (WIP) Definition &#124; Investopedia|publisher=investopedia.com|access-date=2014-07-12}}</ref><ref name="ventureline2">{{cite web|title=What Is Work-In-Progress (WIP)? {{!}} Finance Strategists|url=https://www.financestrategists.com/terms/work-in-progress/|access-date=2020-11-11|website=Finance Strategists|publisher=financestrategists.com}}</ref> '''goods in process''',<ref name="yourdictionary"/> or '''in-process inventory''' refers to a company's partially finished goods waiting for completion and eventual sale, or the value of these items.<ref name="tuition">{{cite web|url=http://www.tuition.com.hk/dictionary/w.htm|title=W - Wage to WTO (World Trade Organisation) - Dictionary|publisher=tuition.com.hk|access-date=2014-07-12}}</ref> 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 (Japanese term)|muda]]'') which do not add value to a product.<ref>EKU Online, [https://safetymanagement.eku.edu/blog/the-seven-wastes-of-lean-manufacturing/ The Seven Wastes of Lean Manufacturing], ''Eastern Kentucky University'', accessed 6 March 2023</ref><ref>McDonald, M. P., [https://blogs.gartner.com/mark-mcdonald/2009/10/09/inappropriate-processing-muda-matters-in-it/ Inappropriate Processing: Muda matters in IT], ''Gartner'', published 9 October 2009, accessed 7 March 2023</ref>

Work In Progress is a 2024 [[Extended play|Extended-Play]] released by British Singer-Songwriter [[Holly Humberstone]] on the

== WIP inventory in supply chain management ==