First, "briefly" explain the difference between statistical and judgmental forecasts in your own words. Then, please discuss the costs and benefits associated with statistical versus judgmental forecasts for labor demand and supply $($refer to textbook p$.197).$ Under what conditions might either of these techniques be infeasible? Under what conditions might both be feasible, but one more desirable than the other? In today's era, which forecasting approach do you think should be prioritized in the organization?