It may be owned, managed, and operated by the organization, a third party, or some combination of those functions and may exist on or off premises identifies characteristics of which cloud deployment model?

The statement describes characteristics of a private cloud deployment model. In a private cloud, the infrastructure is dedicated to a single organization and can be owned, managed, and operated by that organization, a third-party provider, or a combination of both. This allows for greater control over resources and more stringent data security and compliance measures, which are often priorities for organizations dealing with sensitive information.

Private clouds can exist on the organization's premises (on-premises) or off-premises (hosted by a service provider), enabling flexibility in deployment according to the organization's needs. This model contrasts with public and hybrid clouds, where resources are typically shared among multiple organizations or a blend of both private and public environments. Thus, the defining aspect of the private cloud is its exclusivity and management, which makes it the correct choice in this scenario.