Create and configure a Managed Metadata Service application

The Managed Metadata Service (MMS) within a SharePoint farm provides a way to define
taxonomical structures that can be carried out through the entire farm. These structures
include term sets, which can be used for assigning metadata to lists/documents and controlling
navigation, and content type hubs, which can be used to centralize and standardize the
deployment of specific content types within your enterprise.
This objective covers how to: