Managed Virtual Private Server (Managed VPS) is a hosting service that provides you with a virtual, separate, independent server with:
a control panel (DirectAdminl);
24/7 tech support;
a guaranteed resource that is not shared with other customer applications;
24/7 live monitoring and quick response if a problem arises;
server content backup on a regular basis.
Every Managed VPS comes with SSDs where MySQL databases are located, which guarantees the quickest response possible for your applications.
Virtual server can have multiple web applications, including those with specific requirements or need more resources. The administration of the server is performed by VPS extra
In practice, with a Managed VPS you get the same environment as in shared hosting, but applications have a lot more resources.