Applications are designed to meet the needs of the executive team by giving senior managers the ability to create a portfolio of applications and to track the performance of application related projects against application benchmarks such as budgeted cost and resource hours as well as delivery dates.
Portfolios provide the engine for Application Portfolio Management, in which a portfolio of type "Applications" describes application attributes and allows you to link and roll-up budgets and actuals from timesheets and projects associated with each application. Because it includes both cost and resource information from initial budget through actual costs, this helps you get a full picture of your entire application portfolio.
Application Portfolio Management is designed with flexibility in mind, allowing you to model just about any hierarchy by simply adding relevant projects to each application, and then selecting parent-child relationships between the applications to manage the roll-ups of budgets and actual data. Roll-ups to applications are based on the percentage that you set for each project. For example, a new project may be assigned 33% to each of 3 different applications. This gives managers the ability to see exactly how their applications are performing at any time. Easy drill down from an application directly into the member projects and sub-applications gives managers instant visibility to items that may need attention or that are performing particularly well.
Applications support user-defined fields, so each category of application can track different sets of key metrics. You can also define new tabs based on application portfolio types, giving you the ability to highlight important application portfolios at the top level of PPM Pro menus.