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A virtual machine can support individual processes or a complete system depending on the abstraction level where virtualization occurs. Some VMs support flexible hardware usage and software isolation, while others translate from one instruction set to another. Virtualizing a system or component -such as a processor, memory, or an I/O device - at a given abstraction level maps its interface and visible resources onto the interface and resources of an underlying, possibly different, real system. Consequently, the real system appears as a different virtual system or even as multiple virtual systems. Interjecting virtualizing software between abstraction layers near the HW/SW interface forms a virtual machine that allows otherwise incompatible subsystems to work together. Further, replication by virtualization enables more flexible and efficient and efficient use of hardware resources.
Smith et al. (Sun,) studied this question.
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