Describing metadata in Microsoft Purview Microsoft learn article discusses there is no one right way to add context to managed attributes, business terms, and business assets.
Tags are simple keywords or phrases applied to data assets to provide informal understanding to the metadata. Use tags when you want to quickly label your data assets without the need for consistency or control.
Managed attributes are key-value pairs that add structured metadata into your data catalog. Use managed attributes to extend the fields available for an asset in Purview.
Glossaries of terms help bridge the communication gap between teams. They help with taxonomies, understanding the synonyms, acronyms and related terms. Use business terms to define a shared vocabulary for your organization.
Extend Purview's metamodel by creating additional asset types for describing real-world things in your organization such as departments, projects, products, and lines of business. Use business assets whenever you want to associate data assets to specific organizational structures, business processes, or other anything else that could be convincingly modelled as an entity.