RICE product management is a framework for prioritizing and managing product backlog items. It is based on the weighted shortest job first algorithm and was popularized by Jeff Sutherland. The name RICE is an acronym for the four criteria used to prioritize backlog items:
*R - Relative Importance
*I -Investment Value
*C - Customer Value
*E - Ease of Implementation
RICE can be used to prioritize features, epics, or user stories. When using RICE to prioritize features, the scale is typically from 1-10, with 10 being the highest priority. Investment value is typically measured in hours of effort, and customer value is typically measured in terms of how much the feature will improve the user experience. The ease of implementation is typically measure in terms of how much work is required to implement the feature.
Here is a link to a more detailed explanation of RICE product management: