Finished film as final product — studio-speak for the completed work. 'Picture lock' means editorial finalization before color and sound mixing begin.
As soon as the last take is in the can and the camera crews are clearing the sets, in the film business, we talk about the Picture. Not the film, not the project — the Picture. This is the language of producers and directing teams, and it means: the photographic raw material now exists. What comes after that — editing, sound design, grading, VFX — these are refinement steps. But the Picture itself, that's the shooting phase completed.
In practice, you need this terminology to distinguish production phases. "The Picture is in the wrap" means: all scenes have been shot, all coverage is present, no more reshoots are planned. The producer can now demobilize the crew. The editor receives their material — raw material, ungraded, untouched, but complete. You then sit in the editing suite and juggle terabytes of rushes that together constitute the Picture. It's meant abstractly: not the finished thing that will later run in cinemas, but the sum of all shot takes, the narrative substance before any post-production.
The difference to related terms like Rough Cut or Director's Cut is important: The Picture exists before the edit. An editor works on the Picture. The director sits with you at the editing table and decides which takes from the Picture will move into the Final Cut and which will be left behind. Some takes make it into the Picture but don't end up in the final film — that's normal.
Linguistically, "Picture" is also a factor in budgets and contracts: When insurance talks about "Picture Insurance" or when a producer contract states "responsible for the Picture," it means the entire scope of production from the first day of shooting to the last take. A line producer manages Picture costs separately from post-production costs. So you will repeatedly be confronted with this term — in meetings, in status reports, in financial discussions. "How is the Picture looking?" means: Are we on schedule? Do we have the material we need?