What is The Private Cloud?

"The increasing availability and use of virtual machines and software appliances are enabling the development of the private cloud: in-house environments that manage workloads using cloud methods. IBM forecasts that these "private clouds" can lower IT labor costs by 50 percent, improve capital utilization by 75 percent, reduce provisioning time from weeks to days, and reduce end user support costs by 40 percent.
With these cost savings come increasing reliability and availability." Thanks to Novell.