Good example when to go for Partial Position Mgmnt. Source: Peoplebooks
“If you use PeopleSoft Pension Administration, you track your pension payees—retirees, beneficiaries, and QDRO (qualified domestic relations order) alternate payees—using the same tables that you use to track your workers. You want to drive your retiree organization by person (or in this case, by payee), rather than by position, so that you don't have to establish a different position for each payee in the system. To drive your worker organization by position and your payee organization by person, use the partial position management option.”
By Default, in the installations page, it is set to partial.
What is Person Mgmnt? We go with this option, if our business has requirement of creating more jobs more often.
What is Position Mgmnt? We go with this option, if our business already defined positions (usually static, say healthcare etc.)and want people filling these positions.