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Since a "cold" backup requires the database to be shutdown, it is not an option for a 24x7 database. "Hot" backups give you the ability to backup while the database is still up and functional. You can either put the tablespaces into backup mode and back them up using some OS utility (ocopy, copy, cp, tar, gzip, etc) or you can use RMAN (Recovery Manager). Either way you get a good backup from which a full recovery can be made without sacrificing downtime.
As far as a strategy for moving backup files to storage devices, everybody has a different opinion. I tend to prefer to backup to disk as a first step (usually the fastest disk I have available) and then later move it off to a tape device or other storage media. Your decisions have to be made based on your environment and the limitations you have there. Everybody's "best method" is somewhat different from everybody else's. Look at your resources and make your decision accordingly. For More Information
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