RICE

RICE is an acronym for the four factors we use to evaluate each project idea: 

• Reach
• Impact
• Confidence
• Effort

Reach

Estimate how many people each project will affect within a given period.
Reach is measured in number of people/events per time period. That might be “customers per quarter” or “transactions per month”. As much as possible, use real measurements from product metrics instead of pulling numbers from a hat.

Impact

Focus on projects that move the needle on your goal, estimate the impact on an individual person.

Confidence

Curb enthusiasm for exciting but ill-defined ideas, factor in your level of confidence about your estimates. If you think a project could have huge impact but don’t have data to back it up, confidence lets you control that.

Effort

Move quickly and have impact with the least amount of effort, estimate the total amount of time a project will require from all members of your team: product, design, and engineering. Effort is estimated as a number of “person-months”.

Score

RICE Score = (R * I * C) / E

A prioritization framework such as RICE will help you make better-informed decisions about what to work on first and defend those decisions to others.

 source: https://www.intercom.com/blog/rice-simple-prioritization-for-product-managers/