1. Portfolio management is the process of selecting investments for individuals based on their income, budget, age, and risk tolerance to achieve the best returns within their risk capacity. 2. It involves building a portfolio of different assets like stocks, bonds, mutual funds, etc. and constantly monitoring the performance of investments to ensure the portfolio meets the client's needs and objectives. 3. There are different types of portfolio management like discretionary, non-discretionary, and advisory, which differ in terms of who controls the investment decisions and execution.