In Chapter 2, Service Applications, we saw how to set up the managed metadata service. Using the Term Store repository, organizations can set up a common vocabulary for the entire organization. Each industry—be it be healthcare, finance, construction, or some other—has its own vernacular.
The Term Store can be leveraged across site collections so as an organization segments its processes, each can use terminology that is common.
With the Term Store, organizations can create a common taxonomy to be leveraged in their SharePoint 2010 implementation.
You must have farm-level administrative permissions to the Central Administration site.
The managed metadata service must be configured and functional. To read more ...