What does this do?

You run the default startmanageWeblogic (.cmd in Windows) script as shown here:
startmanageWeblogic.sh server1 http://192.168.1.102:8001.
What does this do?

A.
It starts the administration server named server1, which is running at 192.168.1.102.8001.

B.
It starts the managed server named server1, which is running at 192.168.1.102.8001.

C.
It starts the managed server named server1 whose Node Manager is running at
192.168.1.102.8001.

D.
It starts the Managed Server named server1 whose Administration Server is running at
192.168.1.102:8001.

Explanation:
A Managed Server is a WebLogic Server instance that runs deployed applications. It
refers to the Administration Server for all of its configuration and deployment information. Usually,
you use Managed Servers to run applications in a production environment.
See step 4 and 5 below in particular:
To use the WebLogic Server scripts to start Managed Servers:
See Creating WebLogic Domains Using the Configuration Wizard or “Create Managed Servers” in
the Administration Console Online Help.
where DOMAIN_NAME is the directory in which you located the domain. By default, this directory
is BEA_HOME\user_projects\domains\DOMAIN_NAME.
where managed_server_name specifies the name of the Managed Server and admin_url
specifies the listen address (host name or IP address) and port number of the domain’s
Administration Server.
For example, the following command uses startManagedWebLogic.cmd to start a Managed Server
named myManagedServer. The listen address for the domain’s Administration Server is
AdminHost:7001:
c:\bea\user_projects\domains\mydomain\bin\startManagedWebLogic.cmd myManagedServer
http://AdminHost:7001
Reference: Starting Managed Servers with a Startup Script