You manage components using the Products and Components process app. Components are reusable, buildable sub-pieces of a larger software system. Components are composed together to form Products.
Components are similar to, and equate to, design parts in Dimensions CM. In fact DVM's Product can be linked to a Dimensions CM product, and DVM's Component can be linked to a CM design part (although neither link is mandatory, and it may be that you have a more coarse-grained breakdown structure in DVM than in Dimensions CM).
Each component has:
A Component Manager, this role is for information only and does not enforce anything.
A Component Authority, who is the component System Matter Expert (SME), the person to contact should problems arise.
A Part Number.
The same lifecycle as the product.