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Scenario/Context Requirements A manufacturing company is implementing Lean principles. Calculate the Work-In-Process (WIP) turnover ratio for a production line that had $2,000,000 in COGS and

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Requirements

A manufacturing company is implementing Lean principles. Calculate the Work-In-Process (WIP) turnover ratio for a production line that had $2,000,000 in COGS and an average WIP inventory of $500,000. Discuss strategies to reduce WIP and explain how reducing WIP supports Lean manufacturing efficiency.

1. Calculate the Work-In-Process (WIP) turnover ratio.
2. Discuss strategies to reduce WIP.

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