Portfolio assessment is a systematic and organized collection of evidence used by the teacher and student to monitor the growth of the student's knowledge, skills, and attitudes in a specific subject area. Overview of portfolio:A student learns, creates, imagines, and constructs every day in and out of the classroom. It could be painting a wall, repairing a bicycle, writing a story, dramatizing, doing needlework, solving mathematics quizzes, or reading several books. These activities are neither recorded nor complimented. These are recorded in the portfolio. It requires students to collect and reflect on examples of their work providing both instructional components to the curriculum and offering the opportunity for authentic assessment. Portfolios capitalize on students' natural tendency to save work and become an effective way to get them to take a second look and think about how they could improve future work.The portfolio is a collection of students' work representing a selection of performances. It often documents a student's best work. It may also include information such as drafts of his/her work, his or her assessment of work, and their parents' assessment. If properly maintained and implemented, the focus of portfolio assessment can align towards important learning goals.Hence option 4 is correct.Additional InformationOn the other hand, the other three options don't define properly because these options do not specify the purpose of the portfolio and its importance in students' points of view.