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Just put the app icon in your dock or home screen, and tap it to change ALL Volume Settings in one place.
The settings include: Ringer mode (Normal/Vibrate/Silent), Ringer volume, Notification volume, System volume, Alarm volume, Media volume, Voice Call volume.

Android OS has a unique way to handle volume settings: audio streams, namely Ringer, Notification, System, Alarm, Media, and Voice Call.
Each of the audio stream is set and persisted separately.
While this is useful in the daily use (e.g. be able to silent the Ringer stream, while keep the Notification stream at a very low level that does not disturb others while at work), it is more than often to require unnecessary amount of effort to adjust each stream.
The volume buttons on the side of your phone is only able to change the volume of the Ringer stream at most of the times. In order to change the volumes of other audio streams, you need to:

Go to Home Screen -> Press menu button -> Settings -> Sound -> Volume -> Change volumes

Note: you can't change Alarm and Voice Call volumes here.

This app provides an easy, quick, and convenient way to change all volume settings in one place.

Ringer Modes explained

Normal: All audio streams will sound according to the set volumes.
Vibrate: Ringer and Notification streams will vibrate, System stream will mute, other streams will sound according to the set volumes.
Silent: Ringer, Notification, and System sounds will mute, other streams will sound according to the set volumes.

Stream volumes explained

Ringer volume: how loud your phone will ring when somebody is calling you.
Notification volume: how loud your phone will sound when various app notifications are received, e.g. a text message has arrived.
System volume: how loud your phone will sound when using text to speech apps such as Google Navigation, and how loud the sound effects will be when you turn your phone on/off.
Alarm volume: how loud your phone will sound when the alarms you set go off.
Media volume: how loud your phone's speaker will sound, or your earphone will sound when you play music/videos.
Voice call volume: how loud the person you are talking to on the phone will sound via your phone's receiver/speaker/headset.