While creating a customer BI Application Role equivalent to BI Content Author and trying to add Priviligies for Managing catalog (Archive and Unarchive).
I am aware of doing it manually from Administration - Doc ID 1524805.1
That's how you do it, it isn't a permission but a privilege, they are different things.
By using inheritance in your security model you can simplify that by not having to go into the privilege page all the time but only adding application roles as members of other application roles to inherit privileges.