This paper summarizes the most pressing issues arising from a collection analysis project (CAP) initiated at the University of Michigan in the summer of 1981, and briefly describes options available for resolving these issues. It is noted that the CAP followed a model developed by the Association of Research Libraries (ARL). Topics covered include: (1) university and library finances; (2) the budget allocation process, including documentation, formula allocation, and unit fund allocation; (3) library material selection, including issues related to appointments, training, standards and evaluation, and the organization of selection among the graduate library, divisional libraries, and the Office of Collection Development; (4) collection assessment; (5) preservation, including organizational, educational, environmental, security, and budgetary concerns; (6) resource sharing attitudes and program performance elements which include bibliographic access, document delivery, regional cooperation, and costs; (7) the definition of collection levels and work on the Research Libraries Group (RLG) Conspectus; and (8) the impact of new technologies on the library's role, equipment, personnel, budget allocations, user fees, and resource sharing. (ESR)