Equity realisation
Also: equity realization, realising equity
The share of a hand's raw equity you actually convert into winnings. A hand that is a coin flip on paper rarely wins half the pot in practice, because position, stack depth and aggression decide how often it reaches showdown at all.
Two hands with identical equity against a range can be worth very different amounts. In position, with the option to check behind and control the pot, a hand realises close to its equity; out of position against an aggressive opponent it realises far less, because it is folded off or priced out before the river. Suited and connected hands realise better than their raw numbers because they make hands they can continue with.
It is the cleanest single explanation of why position is worth money, and why the same hand is a raise in the cutoff and a fold under the gun.
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Why does position improve equity realisation?
Acting last lets you control the pot size and see free cards, so your hand reaches showdown more often than it would out of position.