Answer: Return on invested capital.

**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.

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