Explain how faster processes can be applied in areas such as engineering and administration

Explain how faster processes can be applied in areas such as engineering and administration. How can reduced process times in these areas help a company be more competitive? (4 marks, max. 200 words) ii. Explain why improved quality is essential to a company that is able to work faster and reduce process times. (4 marks, max. 200 words) iii. What are potential problems that may arise from the increased speed of processes? (4 marks, max. 200 words) Problem 2: (6 marks, max. 250 words) Steve Smith is a manager of operations for XYZ Ltd. He is responsible for the operations of the company’s two manufacturing factories, one in Brisbane and one in Adelaide. Each factory has a manager who oversees the daily operations. During a recent review of the operations for the year, prepared using absorption costing, Steve noted that the Brisbane factory reported a net profit and that the balance in Finished goods inventory had grown significantly over the year. The Adelaide factory showed no net profit, but its inventory fell over the year. According to XYZ’s policy, the Brisbane factory manager will receive a bonus this year based on the profit generated at the factory; Adelaide manager will not receive a bonus. Required Comment on Steve’s observation. What conflicts are created when a company determines its manager’s bonuses based on net profit alone? (6 marks