Project Risk Management

Group 1 - Project Selection

Submitted To: Sir Mohsin Rashid

Hafiz Uzair (GL) 03-398212-014

Usama Shahid 03-398212-041

Muhammad Huzaifa 03-398212-028

Iftikhar Bin Niaz 03-398212-016

© 2022 - Department of Management Science, BULC

 Project Selection
PRM [MSPM-2(A)]

Project: Wasteless

Project Briefing

● Wasteless is helping supermarkets and online grocery stores recapture the full value of

their perishable products and reduce food waste through AI-powered dynamic pricing.

● The Wasteless Pricing Engine was designed to learn and adapt to the customers' mindset

and buying habits, pushing the limits of AI to deliver the ideal shopping experience while

maximizing profit.

○ To optimize revenues and reduce waste, Wasteless’s pricing engine employs a

branch of machine learning called «Reinforcement Learning». This allows the

engine to quickly learn how consumers respond to dynamic pricing so it can then

find the optimal discounting policy.

● Wasteless uses state-of-the-art methods to solve high dimensional dynamic programming

problems, and automatically map inventory stock and time of day into a series of optimal

prices.

Why we chose this Project

● We chose this project because of its broad vision and the value it’s adding to the

community by finding out the exceptional ways and pricing algorithms to save products

from being wasted.

● It shows awareness regarding reducing your food waste and shrinkage benefits both the

environment and the bottom line. The Dynamic Pricing feature can cut the shrink rates

and increase the sustainable branding.

● The benefits they are providing in terms of; revenues generation, increasing margins,

improving freshness and most effective one reducing food waste.