Total Cost of Work in Process (TCWIP) is a term used to describe the full cost of unfinished work that has begun in a business. It includes the cost of raw materials, labor, overhead, and the value of any finished goods that have been created but not sold yet. This measure gives an indication of how much money the company has invested in its production processes before it can expect to see a return on its investment. TCWIP can help businesses make more informed decisions about their operations by providing insight into their efficiency and profitability.