Need to understand about vCMP on F5 appliance 7250/5250

It looks like your team is providing you with management IPs for the guest not the host. When you provision VCMP on the box, that essentially turns it into a hypervisor running virtual instances. Each vCMP instance has it's own management IP normally on the same out of band network as the host. It's a good practice to limit access to the host to the minimum since it's only used to manage guests.