Sub ReplaceImage()
'
' ReplaceImage Macro
'
'
If ActiveWindow.View.SplitSpecial <> wdPaneNone Then
    ActiveWindow.Panes(2).Close
End If
If ActiveWindow.ActivePane.View.Type = wdNormalView Or ActiveWindow. _
    ActivePane.View.Type = wdOutlineView Then
    ActiveWindow.ActivePane.View.Type = wdPrintView
End If
ActiveWindow.ActivePane.View.SeekView = wdSeekCurrentPageHeader
Selection.WholeStory
 Selection.InlineShapes.AddPicture FileName:= _
    "IMAGE_LOCATION", LinkToFile:=False, _
    SaveWithDocument:=True
    Selection.MoveLeft Unit:=wdCharacter, Count:=1, Extend:=wdExtend

Selection.InlineShapes(1).AlternativeText = "ALT_TEXT_VALUE"


End Sub

Function getPictureByAltText(altText As String) As InlineShape
    Dim shape As Variant

    For Each shape In ThisDocument.InlineShapes
        If shape.AlternativeText = altText Then
            getPictureByAltText = shape
            Exit Function
        End If
    Next
End Function

Sub test()

Dim myPic as InlineShape
Set myPic = getPictureByAltText("AltText to be searched")
myPic.Delete

End Sub

Sub Demo()
Dim iShp As InlineShape, strTxt As String, Rng As Range, sWd As Single, sHi As Single
strTxt = "Alternative Text"
With ActiveDocument
  For Each iShp In .InlineShapes
    With iShp
      If .AlternativeText = strTxt Then
        sWd = .Width
        sHi = .Height
        Set Rng = .Range
        .Delete
        Exit For
      End If
    End With
  Next
  Set iShp = .InlineShapes.AddPicture(FileName:="IMAGE_LOCATION", _
    LinktoFile:=False, SaveWithDocument:=True, Range:=Rng)
  With iShp
    .AlternativeText = strTxt
    .Width = sWd
    .Height = sHi
  End With
End With
Set iShp = Nothing: Set Rng = Nothing
End Sub