What are two advantages of forging when compared to machining a part from a billet?

Less material waste and time.

Explanation:

Two advantages of forging vs machining would be that with forging there is much less waste of material. With machining you remove a large amount of material turning into not so valuable chips.

There is also a time factor, as machining can be very time intensive. This depends on the speed of the machining, newer machines tend to be very fast, and forging requires a lengthy heating, but for large parts the machining can be excessively long.