Virtual Machine:
Image: Vmware
Virtual Machine is defined as software representation of a physical computer that runs just like a physical computer. We can also refer a Virtual Machine (VM) as Software Defined-Computer.
A VM is also defined as set of files which includes configuration files and specification files. We will see more details about virtual machine files in another post.
Typically a VM consist of following components:-
1. Virtual Hardware
2. Operating System
3. Applications
4. VMware Tools (Optional but recommended to have)
Image: Vmware
Virtual Maestro 
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