Hi Praveen,
PPM configuration nodes are available just below 'Cross Application components' node in the top. Just check again, the main node name is ‘ SAP Portfolio & Project Management’.
And to answer your other query 'Unable to create portfolio/project'-
From PPM 5.0 onwards, the PPM application in accessed using either NWBC HTML or desktop mode, where NWBC uses menus defined in backend PFCG authorisation roles. These menus related to PPM can be assigned to your user id using the authorisation role 'SAP_BPR_PPM'.
So, you need to first assign the authorisation role 'SAP_BPR_PPM'(with profiles generated) to your user id and then access those menus using tcode NWBC (for NWBC HTML mode) and for desktop mode, you need to install the NWBC application in your PC & access the SAP server.
And from these menus, you can create portfolios/buckets/items/projects..
Portfolio/Bucket creation can be done through 'Portfolio & Project administration' menu and projects can be created using 'Project Management' menu.
Hope this clarifies your query.
Regards,
Ravi