Divided into inventory project procedures for the identification of missing books for future replacement and inventory guidelines for use by subject librarians to determine whether an item should be replaced, this report sets forth very specific procedures for conducting a comprehensive inventory of monographic holdings. They are based on experience gained through the University of Houston's inventory of monograph collections in the central research library, which was initiated partly to combat the frustration experienced by users when missing books are not traceable to shelving and loan procedures. Information is provided on work scheduling, performance standards, and the correction of bibliographic records, and an inventory problem checklist is included. (Author/RAA)