The RICE prioritization template is commonly used by product managers and product owners to prioritize feature releases and projects. This framework is structured into four key criteria that form the acronym “RICE”. The RICE prioritization framework helps avoid bias towards features and projects you personally prefer.
Reach represents the number of users or paying customers that would be affected by this feature.
Impact reflects the benefit your users are getting from new features. Depending on your use case it can also mean how much it will increase your conversion rate towards buying your product.
Confidence is the metric that accounts for the confidence you have in the estimations you made.
Effort is the amount of work that is required from your team to build a feature or finish a project. Depending on the use case, the value type could be person-months or project-hours.
To use this RICE prioritization template, simply add your features and projects the table view. The four key criteria are already defined. Next, rate your projects against the criteria and airfocus will calculate the RICE scores. Make better, more informed decisions by prioritizing ruthlessly.
Cost (X) criteria
Value (Y) criteria