Oracle and the PeopleSoft team have changed the way all maintenance and functionality is being delivered starting in PeopleSoft 9.2  using the new PeopleSoft Update Manager (PUM). 
PUM transforms the way customers manage their PeopleSoft applications.  Customers have the ability to determine what maintenance to apply, when to apply it, and at any point can create a single change package to get current.  The cost savings and strategic benefits this enables are significant. 
While PUM delivers transformative value to customers and feedback from customers has been very positive, it represents a change in approach from how PeopleSoft has historically delivered maintenance.  To avoid disruptive impact to upgrade and implementation plans, it is critical to understand and plan for the hardware, software, and procedural change that PUM represents.

Read further: http://nanduworld.blogspot.com/2013/11/peoplesoft-update-manager-po...