As you are probably aware, by pulling the speed knob and setting a speed or entering a new speed into the CLB or DES pages of the MCDU, you can alter the climb or descent speed. With respect to your question however, my understanding is that the term "Managed" in the bus is mostly referring to the speed management. The aircraft will constantly adjust it's speed for maximum efficiency. Once the speed is overidden, then there is nothing for the airplane to manage.