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Shared:
You're on a server with other sites. Resources are shared and software pre-determined. You have no control over it. Managed. Only for those who cannot afford better.
Dedicated:
dedicated server is one leased from a hosting company. They are responsible for the hardware, the operating system, web server software, and , within limitations, the software they load on the server. If a hard drive should fail, it is their responsibility to replace it, as with any other hardware that the server is comprised of. Their responsibility with regard to the software, and the server in general, is to make sure it functions when they turn it over to a customer. Many hosts include a control panel, often created by them, which allows many, even all, administrative functions to be performed via web browser. Some familiarity with the operating system and knowledge of server management is called for, though it can be moderate with the aid of a thorough control panel
Co-located:
A colocated server is very different, though it looks similar. The server itself is owned by the customer, who is responsible for all parts of it, from the hardware to the operating system. Rack space and bandwidth are leased from the hosting company, and their responsibility is solely the connection to the Internet and related matters.
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