Definition of ‘Work In Progress – WIP’
Material that has entered the production process but is not yet a finished product. Work in progress (WIP) therefore refers to all materials and partly finished products that are at various stages of the production process. WIP excludes inventory of raw materials at the start of the production cycle and finished products inventory at the end of the production cycle.
Also referred to as “work in process.”
Investopedia explains ‘Work In Progress – WIP’
For accounting purposes, work in progress is considered as a current asset on the balance sheet. WIP is generally valued higher than raw materials, but significantly lower than finished products.
Most companies strive to keep the actual amount of work in progress as low as possible, so as to reduce the amount of capital tied up in the production or manufacturing process. Another reason to keep WIP low is to reduce the risk of obsolescence, especially in fast-moving sectors such as technology and consumer electronics.
Moral of the story
Greetings Earthlings and T.G.I.M. (Thank God It’s Monday!)
This is a follow up post to last weeks entry featuring Ari, which can be reviewed at this link, and if I had my way and could do whatever it is that I set my mind to with no limits (which I can and do), I would assemble a team of highly intelligent bachelorettes work together with yours truly for one common cause which is to effectively serve needs and subsequently collect proceeds.
Thankfully Ari appeared on the scene last week with an even more clear and effective demonstration of the first part of this story regarding the connection between work and winners which can be reviewed at this link, and she has also demonstrated the power of social media in regards to business efforts as she is helping us to witness what many of us are in search of which is greater degrees of productivity, to the extent that she is able to be successful in her pursuits as an actress and entertainer while simultaneously functioning in a business casual capacity in a traditional 9-5 office setting which again is effective job creation initiatives beginning first with the consideration of this different new world perspective.