In this article, we will go through the steps to create Managed Metadata. The steps are fairly simple but this is one piece which requires thorough planning based on the Organization's taxonomy if defined great if not plan.
There are four steps which are:
1) Plan whether to use a dedicated application pool or a shared one based on various factors
To find out the application pool's exists in your environment, try this in SharePoint PowerShell Management Console
To get the list of managed accounts,
To create a new application pool with dedicated managed service account:
New-SPServiceApplicationPool -Name ManagedMetaDataAppPool -Account contoso\managedmetadata_svc
If you intend to use an existing app pool, change the name below.
2) Create the Managed Metadata Service Application:
New-SPMetadataServiceApplication -Name "MetadataServiceApp" -ApplicationPool "ManagedMetaDataAppPool" -DatabaseName "MetadataDB"
3) Create the Managed Metadata Service Application Proxy
New-SPMetadataServiceApplicationProxy -Name "MetadataServiceProxy" -ServiceApplication "POFPROD_MetadataServiceApp"
4) Configure the Service Application Association:
Add Managed Metadata in Service Application Association with the required Web Application. There is a Power Shell to do this shall to accomplish this will update the article at some other time
I would use Power Shell given any day as I can keep the databases clean without any GUID's.