SharePoint 2010: Administer Taxonomy Using Term Store Management

Taxonomy management in SharePoint 2010 (news, site) sees a significant improvement over functionality offered by the product’s predecessors.
First and foremost is the creation of a term store repository, enabling centralized vocabulary management applicable across site collections. Management of taxonomy takes place within the Term Store Management Tool, which is accessible through either Central Administration or Site Administration. Basic functionality provided for the management of taxonomy includes:

Groups

Groups represent defined security boundaries in terms of taxonomy governance. Multiple groups may be created within a Managed Metadata Service, with each Group having multiple Terms Sets. Management (create, edit, delete) of Group properties takes place here.

Term Sets

One or more Term Sets (up to 1,000) are defined as part of a Group. Term Sets can be created manually or imported through the interface. Management (create, edit, delete) of Term Set properties, including Term hierarchy, takes place here.

Terms

Individual words or phrases are added to a Term Set with management (create, copy, reuse, merge, deprecate, move or delete) taking place here. A maximum of 30,000 Terms can be added to a single Term Set.