What is the difference between change set and managed Packages in Salesforce?

Hello Chanchal,

-The changeset is useful when you need to migrate the metadata between related organizations. In changeset, you need       Deployment connection between the orgs. While in the packages, you can deploy the metadata across the organizations.You don't need access/ deployment connections with the other org.

Thanks.

Hi,

In simple terms, packages are generally used to cluster components for migration or distribution. Think of it as an app with other components as a building block.

A package is a bundle of components that make up an application or piece of functionality that you are building. Packages are typically created so that their components can be clustered in a container for code migration, editing in an IDE, or distribution to other companies in the example of AppExchange packages. Packages are completely private to your salesforce instance, unless uploaded and published to AppExchange.
Packages come in two forms: unmanaged and managed. Unmanaged packages can be used for a one-time distribution, like a template. These are ideal for sharing or migrating application templates or code samples. The installer receives an independent copy of the components. Managed packages provide intellectual property protection (the source code of many components is not available, in contrast to unmanaged packages), as well as a way for the package creator to offer upgrades to the package. Managed packages are a great way of releasing applications for sale, and also provide support for license enforcement features.

Changesets are a way to move metadata from one org to another (sandbox to sandbox or sandbox to production).

Use change sets to send customizations from one Salesforce org to another. For example, you can create and test a new object in a sandbox org, then send it to your production org using a change set. Change sets can only contain modifications you can make through the Setup menu.

Hope this helps.