What is the difference between Inline Policy and Managed Policy?
Inline Policies are policies that are tied to a specific user, group, or role.
Managed Policies that are standalone and can be attached to different users, groups or roles at the same time. They come with their own ARN and are typically used to satisfy some specific use case. For example, AmazonDynamoDBFullAccess, would allow the entity attached full access to DynamoDB.