Feature Prioritisation in Product Management

  1. RICE framework
  • One of the most popular frameworks, RICE stands for Reach, Impact, Confidence and Effort.
  • This framework enables the product manager to identify the feature that will deliver the most impact.
  • This method works by assigning a RICE score to each feature computed by the formula = (R*I*C)/E. For each component of RICE, a number is assigned based on a scoring system or a quantitative metric is used.
  • Reach = No of users affected by the feature in a period. E.g.: No of transactions conducted, percentage of users using the feature, etc.
  • Impact = How much has this feature addition impacted the users of the product? For example, A scaling system is used to measure impact, with 5 being Highly impactful and 1 being No impact.
  • Confidence = How confident is the company regarding the reach and impact scores that they have assigned to this feature? 80% implies high confidence, whereas 30% shows low confidence in estimating impact and reach.
  • Effort: How many resources are needed to develop this feature? Monetary cost or Man-hour estimation is utilized to determine total effort.
  • Once the RICE score of all the features is computed, they then incorporate the feature with the highest score into the product roadmap first

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