This paper discusses the use of portfolios, performance assessments, and standards-based learning. The National Council for Accreditation of Teacher Education and other professional groups call for performance assessments that are as authentic as possible, and authenticity, in this context, means resembling real-world challenges. A portfolio is simply a collection of these authentic tasks organized to demonstrate student competence in various standards. Portfolios can be used in a variety of ways, but should be guided by design principles whether in paper and pencil or electronic formats. Portfolio design begins with preplanning that includes definition of contents. Development of scoring guides and effective rubrics is essential so that the portfolio can be constructed to meet these rubrics and then evaluated through them. (Contains 12 references.) (SLD)