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I'm new to SharePoint, taking a course, and term sets were introduced. But I'm not exactly clear on what they are. At first I thought they were nothing more than a dropdown list where you make a choice. But then the course had this to say: Term set

Based on those examples, now it looks to me like a term set is a group of fields on a page, fields that contain their own unique data. Can someone clarify for me please.

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A lot has been written on this. Perhaps check out this article and post back if you have any questions about it. But a term set is like a lookup list on steroids. So yes, it allows users to pick an item from a list, like a choice field, but with additional options. A term set could certainly be used to capture job requirements, or duties, or education level, but not a "job posting". The job posting would be the list itself (or a content type). The education level would be one field in that list, which could be created as either a choice, lookup, or term set aka managed metadata.

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