RICE is a feature prioritization framework used to evaluate and prioritize potential product or service features. RICE is an acronym for Reach, Impact, Confidence, and Effort. The framework is intended to assist teams in prioritizing features based on their potential impact and allocating resources efficiently.
The first step of the RICE framework is to estimate the number of people the initiative will reach within a specified timeframe. This can be determined by analyzing the product’s or service’s potential user base and estimating the number of users likely to be affected by the proposed feature.
Impact: The second step is to estimate the number of new conversions that will result from the project. This can be scaled from 1 to 5, with 1 representing a low impact and 5 representing a high impact.
Confidence: The third step is to estimate the team’s level of confidence in the proposed feature’s impact. This can be expressed as a percentage, with 100% representing high confidence and 0% representing low confidence.
Effort: The fourth step is to estimate how much time the project will take from all team members, including product, design, and engineering.
A company launching a new e-commerce platform, for example, can use this framework to evaluate and prioritize platform features:
Reach: How many people will the platform reach in a certain amount of time?
Impact: How many new conversions will the platform receive?
Confidence: How certain is the team about the impact of the feature?
Effort: How much time will the team need to devote to the feature?
Overall, the RICE framework is a useful tool for prioritizing features based on their potential impact and allocating resources efficiently. It’s widely used in a variety of industries, including software, mobile apps, and startups. The OKR (Objectives and Key Results) framework, which is used a lot in management and project management, works well with the RICE framework.
