The results of the calculation of Return on Investment (ROI) can be dramatically different depending on the industry. For example, say we're discussing capital-intensive businesses like metal fabrication, printing, telecommunications network provisioning, hospitals, etc., i.e., businesses where margins can be small relative to the investments made. For such businesses, companies are trying to earn a large net income (numerator) by producing in high volume. Which C-suite officers might be more pleased and less pleased with a supply chain improvement that only improves working capital (denominator) and thus free cash balances when the primary financial objective is to generate higher net income? (note: being pleased is a relative thing so this is a measure of "more" or "less" pleased ). a. CFO more pleased, COO less pleased b. COO more pleased, CFO less pleased c. COO more pleased, Chief Marketing Officer less pleased d. VP of Sales more pleased, COO less pleased e. Everybody's pleased