This document provides an overview of flywheels and their use in smoothing out torque fluctuations in machines like engines and presses. It defines key terms like the coefficient of fluctuation of speed and energy. It shows how to calculate the required moment of inertia of a flywheel to keep a machine's speed within specified limits given the torque-angle diagram. It also derives the effective moment of inertia for geared systems. Several example problems are worked through to demonstrate these calculations.