Live means that the site has been moved from the production server to the hosting server. You can no longer make preparatory changes and our team will make no further changes for this phase of the project. The DNS has not yet been pointed so the general public does not have access to the site, but the site is in its finished (as far as the project goes) state.
Launched means that the DNS has been pointed and the general public now has access to the site. A new username and password have been sent to you. The project is complete and all future work will be tracked as a separate project and needs to be submitted through our Help Desk. We will close the project out of our Project Management System. Additional projects can be considered billable time, as they are no longer part of the initial build.