How do I determine what impact upgrading Management Framework may have?

I was on one of our web servers earlier today testing something, when I wanted to get into PowerShell. I got in and did what I wanted, but I discovered that PowerShell on this server is version 2. So I asked one of our system administrators if he could put a more recent version of PowerShell onto the server. He said that the version of Management Framework is older and would need to be upgraded in order to install a newer version of PowerShell. I'm a developer, not a sys admin, so I'm taking his word for it. He asked me to test and determine what impact upgrading Management Framework would have. This web server has 2 web sites on it. A third party website and a small MVC web app I wrote, so I don't have a lot of apps to check. I just don't know how to go about it. Would appreciate help, please.