Hi Samridhi,
first of all I'd like to express that a proper training or even a
workshop would probably very helpful. Asking the community is a great
idea, but that just gives you answers to specific questions. What I
think you need is a generel overview about the features, functions and
general approach of our software. But that's your decision or the
decision of your boss ;-) So therefore I just can point out, that I
might have written/posted an article, that deals with workflows,
languages and translation:
http://manuelschnitger.wordpress.com/2012/03/13/language-variants-workflow-translation/
Hope, that helps and good luck,
Manuel