O'PEEP'S WORK IN PROGRESS EXPLANATION
For his Grandma‘s birthday O‘Peep is making hundreds of decorated chocolated cookies. It‘s a hell of a job. Chaotic would be pretty polite to describe the kitchen. You can find dough, and many unbaked cookies. Some cookies are baked already, some are probably burned. And some cookies are with chocolate deco, yet. Anything on the way to become a cookie we call WIP.
Work in Progress / Work in Process (WIP) is the number or value of unfinished products or goods in the production process.
In general, any product that is in the process of being manufactured, assembled, or otherwise transformed from raw materials into a finished good, can be considered WIP. We either count the number of products or we consider the value of the products. Also documents in a workflow can be considered WIP.
Finished goods and raw materials are not considered WIP.