Typically cutting tool manufactures quote machining speciifications in
"surface feet per minute" (SFPM) and as a machinist I am asking how to
interpert this information into "inches per minute" (IPM)as it may
apply to everyday shop floor calculations. These calculations are
generally performed with other parameters such as "material type""size
of cutting tool""number of flutes on the cutting tool""revelutions per
minute".

typically machine tool manufacturers specify feed table speeds in feet
per minute. The feed speed of a particular Cut depends on the depth of
the cut(strenght of the tool) , the surface finish required , and the
rigidity of the machine and ofcourse material type .
thise page gives an interesting aspect on it.
http://www.menet.umn.edu/~klamecki/Machining/toolwear.html
I do not have a copy around right now but IF u can find a copy of
"Manufactureing Processes" by " Myron L Begeman" I belive u'll find
the answer to ur satisfaction.

the relationship is also explained in the following link 
http://www.eng.miami.edu/~rdu/Ch4ProcessEngineering.ppt