Restore color to black and white pictures using Photoshop

I started watching a Photoshop video lecture series, and one lecture kind of introduced a way to restore color to black and white pictures using Photoshop. So, I was playing with this this morning.

1. Select an area that has similar colors. E.g. blouse, jeans, skin, a piece of furniture.

2. Delete everything else; this becomes a new layer.

3. Create different layers for different areas.

4. Give color to all layers by playing with hue and saturation.

Viola ...?

Is this how you can restore color to black and white pictures? Is there a better way?

 

um... I have no idea what you are talking about. some images would be nice.

 

Let's say that I have the following image:



Let's say that I make a copy of this and make it into a new layer. I can delete everything expect for the child's shirt(?). I can go to Image -> Hue and Saturation and then I can colorize this and change hue and saturation. This makes the shirt color. In a similar manner, I can colorize the child's face, the mother's face, her blouse, etc. Once I create all these color layers, I think I have a color picture.

What I'm wondering about now is if this is a standard way to give color to black and white pictures.