Overview
RICE scoring is a prioritization framework that helps product managers estimate the value of a task, action, or project.
There are four factors to consider:
1. Reach — This will be the number of new customers you’ll reach.
2. Impact — Assign it a value of: 0 = no impact, 0.25 = minimal impact, 0.5 = low impact, 1 = medium impact, 2 = high impact, 3 = massive impact.
3. Confidence — Determine a number between 0% and 100% that helps you estimate the chance of success. (Scrap anything under 50%)
4. Effort — Estimate the level of resources needed (in person-months) to complete the project
Finally, the RICE Score = (Reach * Impact * Confidence) / Effort.
Rank each initiative/task/feature by their RICE score, and prioritize the highest ranking items.
