What is Work in Progress (WIP)?
Work in Progress (WIP) is a term that is widely used within the construction industry. It refers to any project or section of a project that has been commenced but has not yet been completed. The idea of WIP can include several elements, ranging from labor, materials, and overhead costs that have been invested into a construction project during its ongoing execution. Essentially, it refers to all the physical resources that have been turned into a project that is on-going but not yet completed. Understanding WIP within the industry is crucial as it helps in tracking project progression, managing resources, and strategizing completion timelines. Therefore, WIP is a significant concept of project management in construction.