PR/SM is the name of the system that the Mainframe CPCs use to share resources between each other.
You can think of it as kind of a hypervisor like VMWare or Hyper-V
it divides the CPC into logical partitions LPARs, giving one per operating system.
The CPU assignment can also be physical, rather than logical, although if an LPAR does not need a CPU that was physically assigned to it, other LPARS won't be able to make use of it.
If shared logically, each LPAR will believe that it has exclusive access to the CPU, although it is shared.
Within this system you can assign different weights to different LPARS, dictating which ones will have to wait less than the "lighter" ones for the shared CPUs
Different types of processors can be shared and managed with the use of this system
System Recovery Boost
Since the release of z15, the System Recovery Boost function was introduced to allow temporary zIIP capacity to be utilised during a shutdown or IPL period to speed up the recovery times and minimize downtimes.
The extra zIIP capacity is then shared across LPARs according to how this system was configured in the management controls.
An LPAr needs to be configured with predefined reserved logical zIIP capacity before they can be used during this boost period
The CSS (Channel SubSystem) channels can also be shared using the Multiple Image Facility
OSA (Open Systems Adapter)s can also be shared with the use of this system, again with each system thinking they have exclusive access.