Bolt-On:

A custom application living inside of a PeopleTools/PeopleSoft database. It is

implemented with a completely new set of database tables and objects.
Thus, it stands alone.The bolt-on often integrates with the host
application by reading data from tables or its APIs. There is no (or very
limited) modification of delivered objects/code.

Customization:
A customization is when your PeopleSoft application is changed to
accomplished some business process.
In a customization, the technical staff makes changes to delivered
PeopleSoft pages, code, and other objects to accomplish the business
requirement.

Pros of Bolt-ons.
No upgrade/bundles impacts
You get an app that works the way you like

Cons:
No Oracle support
Cost/ maintenance

Building a new Application

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Design the application

Define new fields
Create record definitions
Build the records
Create page definition
Define the component
Registering the component
Test the application

Migration

Prepare project
Insert all objects
Migration forms
DBA tasks
Scheduling Tasks
Security tasks

Change control
Communication
User manuals and FAQs
Standard Operating Procedures