This phase does not belong to the scope of a classical PMO, but is nevertheless the most important phase of the portfolio management cycle (for this reason also marked in red), because it is here that the benefits are achieved from the projects. Before that, only costs are actually generated.
The benefit has to be checked in order to measure the value of the portfolio but also of the individual project. This is done according to the simple formula
Value = Usage x Benefit
The best solution is worth nothing if it is not used and a bad one does not get better if it is rolled out over a large scale.
In the Deming Circle this step is called "Check" which in turn generates new need for action (Act) on the strategic level.
The benefits as well as the usage change over time and thus new project demand is created (4 E's - Expand, Enhance, Exchange and Eliminate), which again provides input for Strategic Portfolio Management.
The circle is now complete!