The Managed Metadata Services is a new addition to SharePoint 2010 that was absent from SharePoint 2007. With Managed Metadata services, you can manage all of your custom fields and content types from a central administratve point. Having this will enable you to efficiently identify and tag lists and libraries throughout your site collections. To set up your Managed Metadata serivce, go to Central Administration > Application Management > Manage Service Applications Click on New – Managed Metadata Service. Enter the correct information, connecting to your SQL Database server, and appropriate SharePoint credentials. Click OK. Then goto Central Administration > System Settings > Manage Services and click Start next to Manage Metadata Service to start the service. Administration of Managed Metadata Service To administer your managed metadata service, go into Central Administration > Manage Service Applications and then click on the Managed Metadata Service that should have been created. This will launch the Term Store Tool which will allow you to manage yoru metadata terms.
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