RICE Formula Preset
RICE is a scoring model used to prioritize features. By evaluating the reach and impact of a feature and comparing those against the effort it will take to complete, it allows you to better prioritize future work.
The RICE formula preset calculates a total score based on the following:
Reach x Impact x Confidence / Effort
Setting Up RICE Custom Fields
In order to use the RICE formula preset, you must have the following custom number fields in Jira:
How many people will the feature affect over a given period?
This could mean customers, internal teams, or any other group affected by the new feature. The time period is determined by business need – quarter, year, etc.
How much will this benefit the users or your goal?
How much will this feature increase adoption, retention, conversion, etc.? This is a scale that you create, often between 1 and 5 or 1 and 10. Keep in mind, the higher the value, the more it will affect the final score – so it’s best to determine which is more important: Reach or Impact.
How confident are you in the numbers above?
You may think the feature will have a huge impact, but do you have data to prove it? This should be a value between 1 and 100, representing a percentage.
How much work will be required to complete the feature?
This should be estimated based on the amount of work a single person can do in a month. Ex. A feature that requires 2 weeks of planning, 4 weeks of engineering, and 2 weeks of QA/review, assuming a single person is working on each part, would have an estimated effort of 2.
For a more in-depth look at RICE Prioritization and how to use it effectively in your business, see https://www.intercom.com/blog/rice-simple-prioritization-for-product-managers/.