they can be divided into “Reserved Instances” which are used for long workloads
for around 1year or 3years; But not for something like 2 yars or 1.5 years. only
for 1 & 3 and the second is “Convertible Reserved Instances” which can be scaled
up or down as per the changing requirements i.e. the instances should be of same
type (ec2) but the size can be changed. (t2.micro to t2.2xlarge)