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Abbreviation for Work In Progress or Work in Process. It is the amount of work that has started on an asset or item, but has not been delivered to a customer or received payment for the item. In a manufacturing setting, items that have been received at the factory, but have not been delivered to the customer. In a service industry, a project or task that has been started, but not emailed or faxed to the customer. Different stages may be assigned different labels, depending on the amount of work completed.

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