1. How difficult a challenge did Welch face in 1981? How effectively did he take charge? 2. What is Welch's objective in the series of initiatives he launched in the late 1980s and early 1990s? What is he trying to achieve in the round of changes he put in motion in that period? Is there a logic or rationale supporting the change process? 3. How does such a large, complex diversified conglomerate defy the critics and continue to grow so profitably? Have Welch's various initiatives added value? If so, how? 4. What is your evaluation of Welch's approach to leading change? How important is he to GE's success? What implications for his replacement?