I've always found that launching and running applications on the Smartphone isn't quite as slick as it is in Windows. Thankfully though, you don't have to settle for the default task management system as there are lots of add-ons available that help you improve this.
As its name suggests, Application Manager is just such a program and allows you to list and manage all the apps and processes running on your mobile phone.
Its features and options allow you to stop all running processes, halt a selection of them, or launch new processes manually. It would've been nice to see a software uninstaller in there but I guess you can't have everything.
If you want to streamline the processes running on your system to free up some extra memory then Application Manager will sort you out.