Managed Hosting means the hosting provider takes care of all your server related issues. You not only rent the hardware from the host, but you also pay them for managing it. Its benefits are:
1. Server Monitoring
3. Managed Storage
4. Managed Database
6. Reduced Operating Costs
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Managed hosting can cost more than regular hosting but in the long run you'll save more money because you won't have to be paying for a server and plsomeoje to manage it. Instead it's all in one price and included which is a wonderful thing.
Alternatively, if you have the necessary skills yourself, or a staff member in house, significant savings can be made by going unmanaged.
Also, keep in mind that if you don't have the required knowledge in house you are 100% reliant on the service provider. In this case you should take a high level of care to make sure your host knows what they are doing, understands what your specific requirements are, and is able to support you in a time frame you require. This is one of those areas where cheaper is definitely not better!
Managed hosting really only brings larger business operational costs to fruition. For small ecommerce sites that rarely see more than 100 orders a month or for bloggers, it really isn't necessary. In such a case, VPS should be sufficient.