Dean Fouraker—an economist by training—didn't like many of the financial trends that he saw upon taking over the HBS deanship. In his 1970 report to President Derek Bok, he explained that the School was entering (and had to enter) a period of consolidation. He then presented ten specific steps that he intended to take to either reduce costs or increase revenues:

1) Reduce the size of the Faculty by not offsetting the normal attrition of visitors, retirements, and resignations.

2) Hold the size of the staff constant.

3) Reduce the number of admissions to the Doctoral Program, while increasing the faculty assignment to that activity. Assistantships and foundation support will be substituted for School-supported scholarships to the extent possible.

4) Solicit increased financial support for research activities from foundations and corporations.

5) Increase the amount of continuing education activity sponsored by the School, both in the United States and abroad.

6) Develop coherent policies for our international efforts and for the Faculty's consulting and outside teaching activities. The major objective is to ensure that these desirable activities reinforce rather than detract from the educational activities in Boston.

7) Match MBA tuition income and the direct costs of that program.

8) Seek new sources of revenues, especially endowment funds.

9) Raise the salaries of Faculty and staff so that our position in this regard, relative to other graduate schools of business, is comparable to our reputation in other respects.

10) Continue the open and wide-ranging Faculty discussions, such as those initiated by Professor [Paul] Lawrence's Committee on the School and Society in the Seventies, which are necessary for effective strategic decisions.