Re: What happened to finished?
Absolutely, there is a time in most application's lifecycle when it is 'done'. I think this is an important issue – defining 'done' in a world of agile development, continuous delivery, DevOps, etc.
I favor a 'pace layered approach'. Portfolio analysis can determine which applications need continuous improvement; which are still enhanced, but with a slower development cycle; and which are minimally developed or maintained.
Development at each 'layer' proceeds at a different pace. 'Done' means something different at each layer.
And you are right, portfolio analysis may also turn up applications that are truly 'done' - no longer delivering value to the business. Application end-of-life is perfectly valid as a conscious business decision.