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From OpenVZ Wiki

OpenVZ resource management is a set of controls providing per-container resource accounting and limiting. This is required for multiple containers to coexist gracefully on a single host system.

OpenVZ resource management includes these four primary controllers:

• User beancounters (a set of limits and guarantees controlled on a per container basis: memory etc.)
• Disk quota
• CPU Fair scheduler
• I/O priorities for VE and IO accounting

OpenVZ administrators can also use the following mainstream Linux mechanisms:

• Traffic accounting with iptables
• Traffic shaping with tc