What are the relative benefits and drawbacks of lossy

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Imagine you just finished saving an Excel spreadsheet of your budget for the month of January in the year 2016. What would be an especially good name for that file, especially if it's going into a folder with other similar spreadsheets for other months?

What are the relative benefits and drawbacks of lossy versus lossless compression? Under what circumstances or situations might lossy compression make the most sense? Under what circumstances or situations might lossless compression make the most sense?

Provide three distinct pieces of advice you would give to novice computer users when it comes to how they should name files and/or structure directories on their computer. For each piece of advice, explain the rationale behind it.

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