Hi Vishakh,
First, you should go through PMS as a subject just to acquire knowledge in the area. It's a broad field. As you are starting a project, you must undergo training within the company itself. Therefore, you will have to coordinate with the HR department to observe how they operate the Performance Appraisal System there. You will get to know the strengths and weaknesses of the system and can also suggest improvements if you notice any. Additionally, you will learn about TNIs, KRAs, Performance Planning, Succession Planning, and more in this domain.
I have also chosen this project in my company as I am pursuing an MBA in HR through distance learning. Let's stay connected so that we can support each other. I hope I have not wasted your time.
Thank you,
Sapna