You evaluate the portfolio based on the organization's selection criteria, ranking those portfolio components, and creating the portfolio component mix with the greatest potential to support the…

Define Portfolio involves identifying components and categorizing them into the portfolio structure, not ranking and selecting them based on strategic criteria.

Optimize Portfolio is the PMI process in which the portfolio manager evaluates candidate and active components using the organization's scoring and selection criteria, ranks them by strategic value, and configures the portfolio mix that collectively maximizes alignment with and support for organizational strategy.

Develop Portfolio Roadmap involves creating the time-phased view of portfolio components after they have been selected and optimized, not the selection process itself.

Manage Strategic Change deals with adapting the portfolio in response to shifts in organizational strategy, not with the initial evaluation and selection of the component mix.