What are the two ways an IP address can be assigned to a PC and What is one advantage of each?

Dynamic and static. Dynamcic is appropriate for big companies (to control pcs in network) or small networks where you don't to think about such things. Static is constant IP address which you can eventually remember and use the ip itself but not full network name. It fits perfect when you share your PC resources and people who are using your resources with ip address can access the PC any time using the same ip address. For big corporations or middle class it will not work because of very big number of pcs in network and each of them should be controlled not only for reason to keep all updateds up to date but also because of security reasons.

IP addresses can be assigned through static addressing (in which IP addresses are permanently assigned to workstations) or dynamic addressing (in which IP addresses are assigned for the current session only). An advantage of static IP addressing is that it does not require a DHCP server. An advantage of dynamic IP addressing is that fewer IP addresses than the total number of workstations can satisfy the needs of a network.