Microsoft Knowledge Base Article 308209 contains the following summary:

You can use the Windows 2000 Disk Management snap-in tool to manage your hard disks and the volumes or partitions that they contain. With Disk Management, you can create and delete partitions, format volumes with the FAT, FAT32, or NTFS file systems, upgrade disks, and create fault-tolerant disk systems. You can perform most disk-related tasks without having to restart your computer because most configuration changes take effect immediately. This article describes some of the more common disk storage management tasks that you can perform by using Disk Management.