Working capital is commonly understood as the funds needed to meet day-to-day expenses in any organisation. For a finance manager it is the funds locked up in current assets and therefore he finds liquidity support in net working capital (NWC) which is equivalent to the excess of current assets over current liabilities. A banker also looks for the size of NWC and the long-term stake of the business in funding the working capital. But for a production manager, liquidity is synonymous with uninterrupted supply of material inputs to his production lines. Similarly for a marketing manager, if there is no production, his marketing outlets dry up despite demand in the market. While the finance manager discourages overstocking of materials, the production manager and the marketing manager avoid the situation of being out of stock. In this conflict the goal of the organisation often takes a back seat. The book aims at resolving these controversies and conflicts by adopting a techno- financial approach to working capital management. A comprehensive treatise dealing extensively in all aspects of working capital management, the book presents the concepts with numerous worked out examples and case studies for easy comprehension of the subject. Primarily addressed to postgraduate students who are majoring in finance and to those pursuing professional courses in Accounts (CA) and Cost Accounting (ICWA), the book will also prove to be very useful to practising finance managers as well as to purchase and materials managers.