The term work-in-progress (WIP) is a production and supply-chain management term describing partially finished goods awaiting completion. WIP refers to the raw materials, labor, and overhead costs incurred for products that are at various stages of the production process.
WIP Links are created on every Manufacturing and Maintenance Products.
Navigate to Order Management > Products
On the related list of the Product, the WIP Link object is available.
Click on New and fill the details.
Select the Process Cycle in which you want the output of the Finished Product.
Add the Finished Product Site, product Version and the Process Output Version.
Saving the record creates the WIP Link and a WIP Link (Product) gets created.