How much "Work In Process" WIP Inventory is best? | Rowtons Training by Laurence Gartside

How much "Work In Process" WIP Inventory should you have in your operations?

Work in Process / Work in Progress (same thing) is inventory that has had some work done on it by your organization but is not yet ready to be sold onto your customer.
Unless you are a dropshipper or some other wacky business model, WIP is an unavoidable reality of operations.

𝐅𝐑𝐄𝐄 𝐌𝐢𝐧𝐢 𝐕𝐢𝐝𝐞𝐨 𝐂𝐨𝐮𝐫𝐬𝐞 - 𝐓𝐡𝐞 𝐅𝐨𝐫𝐠𝐨𝐭𝐭𝐞𝐧 𝐅𝐮𝐧𝐝𝐚𝐦𝐞𝐧𝐭𝐚𝐥𝐬 𝐨𝐟 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭
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But how much WIP should we have in our operations. More WIP can seem helpful, allowing us to keep all our processes fully utilized and "efficient" but it also means huge inventory costs, complex scheduling and job management, extra expensive space and storage requirements, managerial complexity and longer customer lead times...

Most businesses just find themselves with some quantity of WIP, quite unaware of how they ended up with so much and no conscious calculation having ever been made. Calculating how much WIP you want to have and designing your process around that is a big first step but working out how much, balancing the trade-offs and understanding the consequences is complicated so let's dig in!

𝐅𝐑𝐄𝐄 𝐌𝐢𝐧𝐢 𝐕𝐢𝐝𝐞𝐨 𝐂𝐨𝐮𝐫𝐬𝐞 - 𝐓𝐡𝐞 𝐅𝐨𝐫𝐠𝐨𝐭𝐭𝐞𝐧 𝐅𝐮𝐧𝐝𝐚𝐦𝐞𝐧𝐭𝐚𝐥𝐬 𝐨𝐟 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐬 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭
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💻🌐 𝐒𝐞𝐥𝐟-𝐒𝐭𝐮𝐝𝐲 𝐎𝐧𝐥𝐢𝐧𝐞 𝐓𝐫𝐚𝐢𝐧𝐢𝐧𝐠 𝐂𝐨𝐮𝐫𝐬𝐞𝐬🚀💯:

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📊𝐒𝐔𝐏𝐏𝐋𝐘 𝐂𝐇𝐀𝐈𝐍 𝐊𝐏𝐈s
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