Work in process

Finance

(adjective)

Work in process (WIP) or in-process inventory includes the set at large of unfinished items for products in a production process. These items are not yet completed but either just being fabricated or waiting in a queue for further processing or in a buffer storage.

Related Terms

  • Finished good
Accounting

(noun)

a company's partially finished goods waiting for completion and eventual sale or the value of these items

Related Terms

  • raw materials
  • finished goods inventory
  • Finished goods
  • work in progress
Business

(noun)

Materials and components that have began their transformation to finished goods.

Related Terms

  • raw materials
  • Finished goods

(noun)

Work in process (acronym: WIP) or in-process inventory includes the set at large of unfinished items for products in a production process.

Related Terms

  • raw materials
  • Finished goods

Examples of Work in process in the following topics:

  • Inventory Types

    • Most manufacturing organizations usually divide their inventory into raw materials, work in process, finished goods, and goods for sales.
    • Work in process, WIP: Materials and components that have began their transformation to finished goods.
    • Optimal production management aims to minimize work in process.
    • Just-in-time (acronym: JIT) production is a concept to reduce work in process with respect to a continuous configuration of product.
    • Sometimes, outside of a production and construction context "work in process" is used erroneously where the status "work in progress" would be correctly used to describe more broadly work that is not yet a final product.
  • Constant Pressure and Volume

    • Isobaric process is one in which a gas does work at constant pressure, while an isochoric process is one in which volume is kept constant.
    • A process in which a gas does work on its environment at constant pressure is called an isobaric process, while one in which volume is kept constant is called an isochoric process.
    • An isochoric process is one in which the volume is held constant, meaning that the work done by the system will be zero.
    • An isochoric process is also known as an isometric process or an isovolumetric process.
    • Since pressure is constant, the work done is PΔV.
  • Processes

    • A process is defined as: (1) a series of progressive, interrelated steps or actions from which an end result is attained, or (2) a prescribed procedure or a method of conducting affairs.
    • Either way, processes form the belief systems, philosophies or thought patterns that constitute the work environments in which goods and services are manufactured (seen from this angle, a business process can also be referred to as a ‘business model' or ‘the way we do things around here').
    • Most practitioners agree that for any business process to function properly, total commitment from all involved is mandatory.
    • Success is also reliant upon a perfect fit between the process, its product, and the business's customers.
  • Work

    • As such, thermodynamic work is a generalization of the concept of mechanical work in mechanics.
    • For closed systems, energy changes in a system other than as work transfer are as heat.
    • The processes are quite different.
    • Work, a quite organized process(as in gas expansion), involves a macroscopic force exerted through a distance.
    • Heat transfer and work are both energy in transit—neither is stored as such in a system.
  • Isothermal Processes

    • An isothermal process is a change of a thermodynamic system, in which the temperature remains constant.
    • An isothermal process is a change of a system, in which the temperature remains constant: ΔT = 0.
    • (See our atom on "Adiabatic Process. ") In other words, in an isothermal process, the value ΔT = 0 but Q ≠ 0, while in an adiabatic process, ΔT ≠ 0 but Q = 0.
    • In thermodynamics, the work involved when a gas changes from state A to state B is simply
    • The blue area represents "work" done by the gas during expansion for this isothermal change.
  • Constant Pressure

    • Isobaric processis a thermodynamic process in which the pressure stays constant (at constant pressure, work done by a gas is $P \Delta V$).
    • We will discuss isothermal process in a subsequent Atom.
    • An isobaric process is a thermodynamic process in which pressure stays constant: ΔP = 0.
    • (as seen in Fig 2—isobaric process ).
    • $Q = \frac{5}{2} N k \Delta T$ for monatomic gas in an isobaric process.
  • Adiabatic Processes

    • An isothermal process is a change of a system, in which the temperature remains constant: ΔT = 0.
    • In contrast, an adiabatic process is where a system exchanges no heat with its surroundings (Q = 0).
    • (See our atom on "Adiabatic Process. ") In other words, in an isothermal process, the value ΔT = 0 but Q ≠ 0, while in an adiabatic process, ΔT ≠ 0 but Q = 0.
    • In thermodynamics, the work involved when a gas changes from state A to state B is simply
    • The blue area represents "work" done by the gas during expansion for this isothermal change.
  • Defining Teamwork

    • Teamwork differs from individual work in that it involves shared responsibility for a final outcome.
    • While the substance of the tasks involved in teamwork may vary from team to team, there are three processes that are common to how teamwork gets done: the transition process, action processes, and interpersonal processes.
    • Action processes comprise the phase during which a team performs its work.
    • Human skill involves the ability to work effectively as a member of a group and to build cooperative effort in a team.
    • Identify the processes and activities by which team work gets done
  • Isotherms

    • An isothermal process is a change of a system in which the temperature remains constant: ΔT = 0.
    • An isothermal process is a change of a system in which the temperature remains constant: ΔT = 0.
    • In contrast, an adiabatic process occurs when a system exchanges no heat with its surroundings (Q = 0).
    • In other words, in an isothermal process, the value ΔT = 0 but Q ≠ 0, while in an adiabatic process, ΔT ≠ 0 but Q = 0.
    • In thermodynamics, the work involved when a gas changes from state A to state B is simply:
  • Free Energy and Work

    • Gibbs energy is the maximum useful work that a system can do on its surroundings when the process occurring within the system is reversible at constant temperature and pressure.
    • As in mechanics, where potential energy is defined as capacity to do work, different potentials have different meanings.
    • The appellation "free energy" for G has led to so much confusion that many scientists now refer to it simply as the "Gibbs energy. " The "free" part of the older name reflects the steam-engine origins of thermodynamics, with its interest in converting heat into work.
    • "Useful" in this case, refers to the work not associated with the expansion of the system.
    • For instance, examples of useful, non-expansion work in biological organisms include muscle contraction and the transmission of nerve impulses.
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