HowTo: Speedup ping and traceroute Command Responses under Linux / Unix

The ping command line utility act as a computer network tool. It used to test whether a particular host is reachable across an IP network. The traceroute command also act as a computer network diagnostic tool for displaying the route (path) and measuring transit delays of packets across an Internet Protocol (IP) network. But, how do you speed up ping and traceroute command responses under Unix or Linux operating systems?