Which measure of the Theory of Constraints is calculated using the formula: Throughput - Operating expenses?

The measure of the Theory of Constraints calculated using the formula Throughput - Operating expenses is indeed net profit. This formula reflects a fundamental aspect of business performance, emphasizing the importance of not just generating revenue (throughput) but also managing costs associated with operating the business.

Throughput refers to the rate at which the system generates money through sales, while operating expenses encompass all costs necessary to sustain the operations. By subtracting operating expenses from throughput, businesses ascertain their net profit, which indicates the actual financial gain after expenses are accounted for. This helps organizations identify how efficiently they are utilizing their resources to convert sales into profit, making it a critical measure for evaluating overall financial health and effectiveness in the Theory of Constraints framework.

The other options represent different metrics: turnover relates to the volume of sales relative to a measure like assets; productivity measures output relative to input; and ROI (Return on Investment) assesses the profitability of an investment relative to its cost, but none of these directly align with the specified formula.