Advantage of VPS webhosting(Virtual Private Servers) against shared & dedicated

Previousely there were only two choices of hosting that were low cost shared server or high cost dedicated server.But not there comes a third choice which is mid priced called virtual private servers(VPS).The VPS is offering many advantages of the dedicated server physically running in the shared hardware.Which is being achieved with the help of smart virtulisation softwares which use to manage and creats a number of virtual server with in shared hardwares.