What you mean by managed?

What you mean by managed?
If something goes wrong or you need help with something, your hosting company will do it for you.
Lets say your webserver broke and you were on a unmanaged package you would need to fix the problem yourself, however, if you were on a managed package you could get your hosting company to do it for you - free of charge.
Cheapest is self-managed.
One of my vps is self managed. I had to install everything (PHP, Apache, MySql, Firewall etc etc) And if something stops working I have to fix it my self.
You should really only get self managed if you know what your doing.
I have another VPS which is semi-managed, and what they do is, install/set up anything. If i get a problem they will fix it. and anything else i want, ive got to install.
And then fully managed, you basicaly pay them to so everything - Most expensive)
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