Intermittent nature of renewable energy sources and varying load demand leads to DC bus voltage fluctuation in a DC microgrid. For DC bus voltage regulation, real-time power management in a microgrid is required. One of the economical schemes for power management in DC microgrid is DC Bus Signaling (DBS), which uses the bus voltage as a communication signal among the entities present in the microgrid. In this paper, the general framework of the basic DC microgrid model which ensures the effective real-time power management under all conditions is discussed in brief. Various Energy Management Scenarios (EMSs) can be implemented in this basic DC microgrid model by varying the priorities of different entities present in the microgrid, so as to achieve different objectives such as reduced battery requirement, effective utilization of the microgrid entities or less dependency on the AC Grid. A few EMS are discussed here. These EMS are implemented and analysed using the MATLAB model of the DC microgrid, which also showcases the comprehensive behavior of the simulation model.