Just as an aside, my company has just spend several hundred thousand dollars licensing a well-known product & portfolio management (PPM) app. Not surprisingly, all the project managers were 100% in favor of this spend. Also not surprisingly, all the apps management were against it.

Also as an aside, in most large companies, PPM is handled 100% separately, and by different people, than actual product management and dev planning/resource allocation/bug fixing/testing/support/etc.