The RICE model enables Product Managers to assess competing ideas, scoring them in different dimensions and deriving a prioritization based on that. The key elements are:
With that data points, the RICE score can be computed according to the following formula:
The key idea is that higher-scoring features shall be prioritized because they promise a bigger bang for the buck.
While useful to know, we recommend to handle with care for several reasons:
Consequently, applying the simple formula suggest a pseudo-accurate assessment given the raw input data.
What’s more. according to our experience, RICE and related methods typically favor the low-hanging fruit while postponing moonshot projects.