11981. RESTRUCTURING IBM. This paper analyzes the relevant issues and problems in the strategic process of restructuring of IBM. Following an overview of the downsizing/restructuring program to date, a summary S.W.O.T. (strengths-weaknesses-opportunistic-threats) analysis identifies threats and opportunities in IBM's external environment and matches them with IBM's internal strengths and weaknesses. Alternative courses of action for handling the problems and opportunities are defined and evaluated. The concluding section outlines a recommended course of action based on the analysis of alternatives. KEYWORDS: IBM change management corporate restructuring downsizing. 15 pages, 48 footnotes, 23 bibliographic sources.