The RICE framework is a tool that can be used to prioritize and prioritize opportunities for product development. It is based on the Pareto principle, which states that 80% of the effects come from 20% of the causes. The RICE framework can be used to prioritize opportunities by evaluating them on the following four dimensions:
Reach: How many users will be affected by the change?
Impact: How much will users be affected by the change?
Confidence: How confident are we that the change will have the desired effect?
Effort: How much effort will be required to implement the change?
The framework assigns a score to each opportunity based on its performance on these four dimensions. The higher the score, the more attractive the opportunity is.
Here is an example of how the RICE framework can be used to prioritize opportunities:
Let's say we are considering two opportunities, A and B. Opportunity A has a reach of 100,000 users, an impact of 10%, a confidence of 80%, and an effort of 5. Opportunity B has a reach of 10,000 users, an impact of 50%, a confidence of 50%, and an effort of 10.
Opportunity A has a RICE score of 100,000 * 10% * 80% * 5 = 400,000.
Opportunity B has a RICE score of 10,000 * 50% * 50% * 10 = 25,000.
This shows that opportunity A is much more attractive than opportunity B, and should be given priority.