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Because this term set is updated and managed separately from the column itself, there is no need to update the column (or any content types, lists, or libraries associated with it) to make updated terms available to users.Whenever the term set that a specific Managed Metadata column is bound to is updated, the updated terms will automatically become available to users wherever that Managed Metadata column is available.Managed Metadata columns promote the consistent use of metadata across sites because they provide users with a list of terms that they can apply to their content.
Select the check box to make the terms in the term set available for tagging.You must have the Manage Lists permission level to create columns for lists or libraries. Specify whether you want the term set to be Closed or Open.If a term set is closed, then users cannot add new terms to it when they are updating the value for a Managed Metadata column bound to this term set, and the term set can be updated only by individuals with permission to update managed metadata.Users can move their pointer over suggested terms to see descriptive text to help them make appropriate decisions.If synonyms have been specified for a term, users can enter those, and the correct term will be assigned.
When users update a Managed Metadata column, they can type the value they want, or they can click the tags icon that displays next to the Managed Metadata field to launch the term picker dialog box, which they can use to select a value from within the hierarchy of the term set.