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Can you explain the life cycle or steps your boss has to take to introduce Portfolio management?

a) The D phase of the life cycle involves using Scoring matrix method to select portfolio or projects. Be prepared to understand this method and demonstrate its use in portfolio management for a given case study such as selecting the best model of car to manufacture.
b) You are a senior project manager at a small IT shop (50 employees) which builds a dozen apps for iPhone and Android for the football sports industry. They use project management principles very well both traditional and agile. They do not have portfolio management knowledge. Your boss tells you to briefly talk about the following
a. What is portfolio management?
What are the advantages of introducing portfolio management at the IT shop?
b. Can you explain the life cycle or steps your boss has to take to introduce Portfolio management?