Hello Rajeev,
The short answer to your questions is that yes, Portfolio and Project Management (PPM) contains the two applications which were previously called xRPM and cProjects and have (since PPM release 5.0) been renamed "Portfolio Management" and "Project Management". The reason why these applications have been renamed and are collectively referred to as PPM is that they have become both functionally and technically very highly integrated.
There have been some very informative blogs posted on this SCN area before, which provide an overview of the functionalities and application areas provided by PPM, I would recommend that you browse the forum in order to get an insight into what you can do with PPM.
Best regards
Francesco
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