<![CDATA[This study systematically examines how application portfolios are formulated from information systems/information technology (IS/IT) strategy and business processes. Following the Kitchenham and Charters guidelines and PRISMA reporting logic, searches across seven sources yielded 844 records. After duplicate removal, screening, full-text assessment, and quality evaluation, 22 primary studies published between 2015 and 2025 were included. The synthesis identifies five categories of approaches: Enterprise Architecture, IS/IT Strategic Planning, Application Portfolio Management and Portfolio Assessment, Model/Framework Development and Design Science, and Resource Allocation and Portfolio Decision Analysis. Across these categories, application candidates are derived through strategic analysis, business-process analysis, enterprise architecture modeling, portfolio assessment, and decision-analysis techniques. However, existing approaches remain fragmented and rarely provide a traceable process linking strategic objectives and business processes to application candidates, prioritization decisions, and final portfolio representations. To address this gap, the study proposes a four-stage conceptual model comprising input identification, application candidate derivation, evaluation and prioritization, and final portfolio representation. The proposed taxonomy and conceptual model provide an integrated foundation for connecting organizational strategy, business processes, application identification, portfolio evaluation, and representation, while supporting future development and empirical validation of application portfolio formulation methods across organizations.]]>
