One of the biggest challenges in Product Management is prioritization. It is crucial for product teams and the development process. Selecting the right high-priority items can be daunting, but it's essential for a successful launch.
There are various product prioritization techniques, but the one we'll focus on below is RICE, a simple yet effective method for prioritizing features.
RICE is a simple yet effective prioritization framework that stands for:
Reach: The number of people who will be impacted by the feature.
Impact: The expected positive or negative impact of the feature on the users ( 1 being lowest and 5 being highest impact).
Confidence: The level of certainty about the estimated reach and impact. Expressed as a percentage (0–100%).
Effort: The estimated effort required to implement the feature. Generally, taken in man-days.
RICE Score = Reach * Impact * Confidence / Effort
Here’s a clear, practical example of the RICE framework, the way a product manager would actually use it.
Feature Ideas to Prioritize
RICE Score Calculation
Retry Payment CTA (50,000×2×0.8)÷1 = 80,000
UPI Autopay (20,000×3×0.6)÷3 = 12,000
Better Failure Messaging (100,000×1×0.9)÷2 = 45,000
Final Prioritization (Highest → Lowest)
1️⃣ Retry Payment CTA → 80,000 ✅
2️⃣ Failure Messaging → 45,000
3️⃣ UPI Autopay → 12,000