Can any one explain or give me any reference how to work with the Managed Metadata column type in a SharePoint List?
Thanks in advanced.
Managed metadata gives you very wide range of flexibility.
It is very useful on every level of Sharepoint.
You need to plan you r data availability forst and than start creation of metadata slots.
I can write alot, but it is also a lot of written by other people.
Please read this article:
https://sharepointmaven.com/document-management-in-sharepoint-without-folders-introduction-to-metadata/