Advantages
- Increase the hardware utilization of your machines
- Decrease capital and operating costs
- High availability
- You can run other programs in a VM that may not necessarily be in the same OS as the host machine (e.g. running Windows or Mac OS X VM on a Linux host machine, and vice versa)
- Some VM solutions allow you to save machine states that will allow you to revert back to a previous state should an error occur
- Generally VMs are somewhat isolated from the host machine in the case of infection by malware, the host will not be affected
Disadvantages
- If the host is down, the VM will be inaccessible
- Increased memory and processor usage as part of overhead introduced by the VM
- With the statement of the VM being "isolated", it also depends on how you configure your machine. If your VM has stuff like shared clipboard/file folders or if there's a feature that allows hardware passthrough (available to a select amount of hardware) it may still expose your host machine to the same threats as if you will with a VM.
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