Some Good Advice

Dartmouth's endowment dropped 23% in the 2009 fiscal year, losing nearly a biliion dollars and requiring a cut of $50 million from the school's annual operating revenue. So the elite school raised tuition by 4% and started looking around at other ways to cut costs, to the tune of about $100 million. The new President of Dartmouth, Jim Yong Kim, called on his friend Michael Porter from Harvard Business School. Porter's advice? Don't do across-the-board decreases, that's not strategic. So Dartmouth went looking for other ways to cut costs. Just by taking some steps like decreasing the size of trash bags, the university expects to see cost savings of $294,000 per year.
How Dartmouth's Chief Tackled Budget Gap - WSJ.com