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Configure a Host ISO-based Package Repository on a CentOS 7.2 VM

In a recent blog post, I demonstrated how to set up a local RPM repository (repo) in a VMware CentOS 7.2 VM (AKA guest) running under VMware Workstation (AKA the host.) This made the CentOS VM independent of the need for network access w.r.t. RPM package installation. However, the trade off for the ability to install packages without Internet access is the 6 GB plus increase in the size of the VM necessitated for storing all the packages and metadata. Consider the following alternative scenario. You have downloaded the CentOS-7-x86_64-Everything-1511.iso from the CentOS Project or a mirror, used the ISO