RICE Prioritization Method
The RICE scoring model is a prioritization framework designed to help product managers determine which products, features, and other initiatives to put on their roadmaps by scoring these items according to four factors. These factors, which form the acronym RICE, are reach, impact, confidence, and effort.
Using a scoring model such as RICE can offer product teams a three-fold benefit. First, it can enable product managers to make better-informed decisions, minimize personal biases in decision making, and help them defend their priorities to other stakeholders such as the executive staff.
The first factor in determining your RICE score is to get a sense of how many people you estimate your initiative will reach in a given timeframe. You have to decide both what reach means in this context and the timeframe over which you want to measure it.
Impact can reflect a quantitative goal, such as how many new conversions for your project will result in when users encounter it, or a more qualitative objective such as increasing customer delight.
The confidence component of your RICE score helps you control for projects in which your team has data to support one factor of your score but is relying more on intuition for another factor.
We have discussed all of the factors to this point – reach, impact, confidence – represent the numerators in the RICE scoring equation. Effort represents the denominator. In other words, if you think of RICE as a cost-benefit analysis, the other three components are all potential benefits while effort is the single score that represents the costs.
The RICE scoring model can help a product team quickly create a consistent framework for objectively evaluating the relative importance or value of a number of different project ideas. If you have struggled with the other prioritization models, RICE might be worth a try in your organization.
Project managers can use this template when preparing information about the benefits of a project and the necessary resources for its implementation. You can describe in detail all the categories for each RICE abbreviation. Business leaders can use the slides in this template when preparing for a strategy session.
Engineers can use the slides in this template to present the benefits of bringing new equipment into production. You can also display the hardware replacement implementation process at each stage.
Startup executives can use this template when preparing for a meeting with investors. IT companies can use this template when reviewing various software projects.
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