What is "Work in Process" (WIP)? - Operations Management Essentials | Rowtons Training

What is "Work in Progress" (WIP)? - Operations and Inventory Management Essentials
𝐅𝐑𝐄𝐄 𝐌𝐢𝐧𝐢 𝐕𝐢𝐝𝐞𝐨 𝐂𝐨𝐮𝐫𝐬𝐞 - 𝐓𝐡𝐞 𝐅𝐨𝐫𝐠𝐨𝐭𝐭𝐞𝐧 𝐅𝐮𝐧𝐝𝐚𝐦𝐞𝐧𝐭𝐚𝐥𝐬 𝐨𝐟 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭
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What does a burger on the grill, half-finished software code waiting for review and a warehouse full of part-built car parts all have in common? They are all WIP!
"Work in Process" or "Work in Progress" is a category of inventory sitting between "Raw Materials" and "Finished Goods" and refers to tangible and intangible work that is either "being" worked on or has started and is now "waiting" to be worked on.
𝐅𝐑𝐄𝐄 𝐌𝐢𝐧𝐢 𝐕𝐢𝐝𝐞𝐨 𝐂𝐨𝐮𝐫𝐬𝐞 - 𝐓𝐡𝐞 𝐅𝐨𝐫𝐠𝐨𝐭𝐭𝐞𝐧 𝐅𝐮𝐧𝐝𝐚𝐦𝐞𝐧𝐭𝐚𝐥𝐬 𝐨𝐟 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭
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💻🌐 𝐒𝐞𝐥𝐟-𝐒𝐭𝐮𝐝𝐲 𝐎𝐧𝐥𝐢𝐧𝐞 𝐓𝐫𝐚𝐢𝐧𝐢𝐧𝐠 𝐂𝐨𝐮𝐫𝐬𝐞𝐬🚀💯:
📊 𝐎𝐏𝐄𝐑𝐀𝐓𝐈𝐎𝐍𝐒 𝐌𝐀𝐍𝐀𝐆𝐄𝐌𝐄𝐍𝐓 𝐀-𝐙
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🏭 𝐋𝐄𝐀𝐍 𝐌𝐀𝐍𝐔𝐅𝐀𝐂𝐓𝐔𝐑𝐈𝐍𝐆 𝐀-𝐙
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🚚 𝐒𝐔𝐏𝐏𝐋𝐘 𝐂𝐇𝐀𝐈𝐍 𝐌𝐀𝐍𝐀𝐆𝐄𝐌𝐄𝐍𝐓 𝐀-𝐙
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🚢 𝐋𝐎𝐆𝐈𝐒𝐓𝐈𝐂𝐒 𝐌𝐀𝐍𝐀𝐆𝐄𝐌𝐄𝐍𝐓: International Freight and Shipping
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📦 𝐈𝐍𝐕𝐄𝐍𝐓𝐎𝐑𝐘 𝐌𝐀𝐍𝐀𝐆𝐄𝐌𝐄𝐍𝐓 𝐀-𝐙
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⚠️ 𝐒𝐀𝐅𝐄𝐓𝐘 𝐒𝐓𝐎𝐂𝐊 𝐂𝐀𝐋𝐂𝐔𝐋𝐀𝐓𝐈𝐎𝐍 : Inventory Control
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📈 𝐊𝐏𝐈s: 𝐊𝐄𝐘 𝐏𝐄𝐑𝐅𝐎𝐑𝐌𝐀𝐍𝐂𝐄 𝐈𝐍𝐃𝐈𝐂𝐀𝐓𝐎𝐑𝐒 𝐀-𝐙
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📊𝐒𝐔𝐏𝐏𝐋𝐘 𝐂𝐇𝐀𝐈𝐍 𝐊𝐏𝐈s
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[@vimalraja3919]

nice video

[@LaurenceGartside]

Thank you for the compliment! I'm glad you enjoyed the video. If you found it helpful, please consider sharing it with others who might also benefit from the content. Your support and sharing can help more people discover and learn from the video. Happy learning!

[@diegonunez7184]

thanks sir for the thorough explanation

[@LaurenceGartside]

You're welcome! I'm glad you found the explanation helpful.

[@manusreenivasan5310]

Thank you.

[@LaurenceGartside]

Glad you liked it :)