hi, this post is a little late but I can say that most people get away with not using color management because the sRGB of your monitor is close to sdtv and hdtv which are very common. This won't give professional results, but in a pinch, it works. For color management to work, you'll need to know the original color profile of your footage, what you are going to work in, and the output profile of where it's going. Needless to say, it's very complicated. Read adobe's white paper on color management to learn the basics.