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Here is only one difference you will see when try to start Managed server through Admin console.
Nodemanager will provide all the required parameter while start of the Managed server.
It use startweblogic.sh or cmd file while startup from nodemanager.
Check the Nodemanager.properties you will understand in more details.
I know this is very simple explanation but if we start explaining this we will get more details about it.
So start sharing your queries to get more information on this topic.