Step 1: Identify the idiom.
The idiom is "cut corners", used here to describe how the university administration compromised on safety.
Step 2: Understand its figurative meaning.
"Cut corners" means to do something in the easiest, quickest, or cheapest way possible by skipping important steps or ignoring proper standards.
Step 3: Match the correct option.
Option (2) perfectly captures this meaning. Options (1), (3), and (4) suggesting efficiency, secrecy, or extravagance are all incorrect.
\[ \boxed{\text{to do something in the cheapest or quickest way by ignoring proper standards}} \]