To calculate FOC, measure the arrow length (L). Measure the distance between the balance point of the arrow and the midpoint of the arrow (F). FOC = (F/L) X 100.
Assuming your arrow is tuned for your bow, and you would like to increase FOC, you would choose a stiffer arrow. In order to tune the stiffer arrow for your bow, you would need to increase point weight, or add internal weight to the front. This would increase FOC. Alternatively, if your well-tuned arrow is long enough, you could shorten it, effectively increasing spine, which would require you to add weight to the front to regain your tuned arrow.
For targets, there is no particular advantage in having a high FOC, which may in fact cause inaccuracy on longer shots. Most books recommend 10-15%, although some books I have recommend higher.
For hunting, Dr. Ashby has found that higher FOC is one of the factors that leads to greater penetration. Since longer shots are not a factor for trad hunting, it seems desirable to have hunting arrows with a higher FOC than the recommended target range. I think some people have success with hunting arrows up to the mid 20's. I don't know how high people are pushing this these days. Mine tend to run about 18%.