Cost overruns are a common occurrence in the construction industry. It’s far too easy at the mid-point of any project to misjudge billing against the actual status of the project. That’s where the Work in Progress (WIP) report comes in. The work in progress (WIP) report or WIP schedule is one of the most important reporting mechanisms in the construction industry.
A WIP report is an excellent tool for risk management, benefiting not only the contractor but also third parties such as banks and surety companies.
The key elements of a WIP and why they matter
WIP schedules can impact your business in three critical ways. We like to call them the “Three P’s”.