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In this review article, conventional portfolio assessment and new developments in portfolio assessment are investigated. In the light of recent findings from research literature, the article looks at: the concept of portfolio (defined as a purposeful collection of student work that exhibits a student's efforts, progress and achievements in one or more areas of learning); portfolio building blocks, the contents of a portfolio; the evaluation of a portfolio; the advantages, disadvantages and concerns in using a portfolio; and the reliability and validity of portfolio assessment.