Is that a book by Friedman? If this is all about globalization, they probably want you to come up with ideas based on networking with people in other places. I keep having funny ideas when I think about it, like, the solution is to outsource the school's office personnel to people in developing countries who will work for less money! Or, you could convert the whole school to online programs and offshore the entire faculty to China.
But if they want a serious solution, it is going to be tough! It probably should be focused strongly on the book by Friedman, right? Is the book central to the assignment? If so, read that book and take notes while thinking of the school's budget cuts as the problem to be solved.
Indeed, if they are open to a creative approach, you may be able to do a great project by suggesting that the faculty be outsourced to another country.
Kevin, EssayForum.com