WIP (work in progress) is a commonly used acronym. But what is the correct way to pronounce it? Letter by letter seems clunky.
The proper way to say it is /work in progress/. You can use the acronym for written texts, but there is little harm in speaking the words in full.
This approach is used on a youtube video https://www.youtube.com/watch?v=p-cBY4L_y_s Note that the (hand written) captions say "WIP" but the speaker says the words in full.
If you need to speak it as an acronym the /wip/ (to rhyme with zip) is acceptable. This is used in another youtube video https://www.youtube.com/watch?v=bgTxEkcWX0A
This assumes that you are speaking to people who are well versed in the jargon of product management. Most speakers (including this one five minutes ago) would have no idea what "work in progress" means (unless it is something to do with Finnegan's Wake)