Whatever system you choose or use, the bottom line on color is this:
HUE
You need to understand color hues enough to identify them and apply what you know about them to your painting - this includes color selection and mixing.
VALUE
You need to understand the value scale enough to be able to build a convincing 3d impression on a 2d surface. Further, you need enough understanding of chromatic value (values of specific colors) to enable you to effectively mix and apply color to achieve visual effects in your paintings.
CHROMA
You need to have a system to effectively neutralize colors without contaminating your base value or hue. Further, you need to understand how to effectively represent reality using neutrals contrasted with color.
This is a mouthful and I am still working my way through all this stuff and likely will until I am 80!
