Step 1: Approximation using small angle.
Since \( 1 \cdot 001 \) is close to 1, we can use the approximation for small values of \( x \), where \( \cot^{-1} (1 + x) \approx \frac{\pi}{4} - x \). In this case, the value of \( x = 0 \cdot 0005 \).
Step 2: Conclusion.
Thus, the approximate value is \( \frac{\pi}{4} - 0 \cdot 0005 \), corresponding to option (A).