Food waste (IME) likewise estimated that 30–50% (or ) of all food produced remains uneaten. In Singapore, of food was wasted in 2014. Of that, were recycled. Since Singapore has limited agriculture ability, the country spent about S$14.8 billion (US$10.6 billion) on importing food in 2014. US$1.4 billion of it ends up being wasted, or 13 percent. In the UK, per year of wasted food (purchased and edible food which is discarded) amounts to a cost of £10.2 billion each year. This represents costs of £250 to £400 a year per household. Estimates of food waste in the United States range from
Economic production quantity can notice from the equations above that the total ordering cost decreases as the production quantity increases. Inversely, the total holding cost increases as the production quantity increases. Therefore, in order to get the optimal production quantity we need to set holding cost per year equal to ordering cost per year and solve for quantity (Q), which is the EPQ formula mentioned below. Ordering this quantity will result in the lowest total inventory cost per year. Economic production quantity The economic production quantity model (also known as the EPQ model) determines the quantity a company or retailer should order to