Final answer:
The cloud service model where the service provider manages both the application data and the underlying platform and infrastructure is known as Software as a Service (SaaS).
Step-by-step explanation:
In the context of cloud computing, the service model where the service provider manages the application data, along with the infrastructure and platform resources, is known as Software as a Service (SaaS). In this model, the provider gives clients access to their applications running on cloud infrastructure. The client does not manage or control the underlying cloud infrastructure, including network, servers, operating systems, or storage, but they have control over the configuration settings of the application within certain limits.
SaaS is an invaluable service model for businesses looking for cost-effective solutions without the hassle of managing physical hardware or software. Common examples of SaaS include web-based email clients like G m ail, office tools like Microsoft Office 365, and customer relationship management services like Salesforce.