In these turbulent financial and economic times the importance of effective working capital decisions becomes a critical variable in underpinning future business success and indeed survival. Whilst working capital management often operates in the shadow of long-term investment decisions the amounts of finance required often exceed those invested in non-current assets, particularly for the smaller business. Moreover adequate working capital is crucial for the day-to-day operations of any business with both insufficient and excessive amounts presenting differing problems. This book is intended for both practicing managers who require a thorough knowledge of the principles of working capital management in the real world and for students undertaking financial courses whether at undergraduate, MBA or professional levels. The subject matter encompasses relevant aspects of working capital management commencing with a basic introduction encompassing working capital policies and analysis through a detailed examination of the main components of working capital to conclude with an appreciation of ongoing developments.