The growing number of online services needs users to have control over their password management system (generation, storage, recall). But the demand for total randomness and exclusivity of passwords is impractical in day-to-day life. Each component of a password management system comes with its cognitive burden on a user. There are many password management solutions available for users but every one of them has some drawbacks. Password managers have the ability to help users manage their passwords more successfully while also addressing many of the problems about password-based authentication. In this study, We're analyzing various previous studies regarding the effectiveness, usability, and security of password managers of all categories. Also, we're trying to come up with an ideal set of parameters to build the best possible password management system in 2022. This study will help to understand the key parameters and algorithms that we can use while building the ideal password generation, storage, and recall system for the user.