1Explain how faster processes can be applied in areas such as engineering andadministration. How can reduced process times in these areas help a company bemore competitive? ii. Explain why improved quality is essential to a company that is able to work fasterand reduce process times. iii. What are potential problems that may arise from the increased speed of processes? i In general, what do these variances indicate regarding production costs for the period? ii.What further information would management find useful in analysing production costs andvariances for the period? Required i.Calculate the cost per unit for the variable costs and present the result in a table form. ii.Why do you think budget A has high costs and low sales forecasts? iii.Why do you think budget B has low costs and high sales forecasts? What are the behavioural implications of this top-down approach? iv. How should the two groups participate to come to a consensus on the budget? What are theadvantages of this approach?