Updating the site content type failed
If you create an information management policy this way, you cannot reuse this policy for other content types, sites, lists or libraries.
The Document Information Panel—which is displayed in the following Microsoft Office 2010 programs: Word, Excel, and Power Point—enables users to view and change the content type properties for a document saved to a document management server directly within the Office program they use to edit the document.
Content types that are defined at the site level are called site content types.
Site administrators can enable document conversion so that end users can convert documents of one file type into another format.For example, if the document content type for a specific library has a Status column, users can view the Status property in the Document Information Panel in Word when they edit the document.They can also use the Document Information Panel to change the value of the Status property from Draft to Final.When an instance of a site content type is added to a list or library, it is called a list content type.List content types are children of the site content types from which they are created.