Explanation:

• Option A (Hurdle rate): Incorrect because the hurdle rate is the minimum rate of return a project must achieve to be considered viable, not a measure of capital conversion efficiency.
• Option B (Cost of capital): Incorrect because the cost of capital represents the required return for funding projects, not a metric for evaluating operational efficiency.
• Option C (Return on invested capital): Correct because ROIC directly measures how effectively a company converts its capital into after-tax operating profits, reflecting management efficiency.