RICE Prioritization
If you don’t prioritize your life, someone else will. - James Clear
Time is a finite and invaluable resource that requires careful management. With a seemingly endless list of responsibilities and projects competing for our attention, it's critical to concentrate on those things that matter.
Choosing the projects we work on leads to how competitive our business will be in the coming months. Spending time on things that don’t lead to your personal improvement and growth will leave you feeling stagnated and unhappy. In this post, we'll dive into the RICE prioritization method, which is an effective prioritization tool that can help us make the most of our limited time and enhance productivity.
The RICE prioritization method is a technique used in project management to prioritize tasks or projects based on their importance and urgency. The acronym "RICE" stands for "Reach, Impact, Confidence, and Effort," which are the four criteria used to evaluate and prioritize tasks.
RICE Explained
Here is a brief overview of each of the criteria in the RICE prioritization method:
Reach: The number of people or stakeholders who will be affected by the task or project. You can use the total number of people or a scale.
Impact: The potential impact or benefits of the task or project. (very high = 5, high = 4, moderate = 3, low = 2, minimal = 1)
Confidence: The level of confidence or certainty that the task or project will be successful or your confidence in your estimates. (50% not sure about estimates or outcomes, 80% somewhat sure, 100% very sure that estimates are accurate.)
Effort: The amount of time, resources, and effort required to complete the task or project. A project that requires less effort or resources will generally be given a higher priority. (5=major effort and time required, 4 = high effort and time, 3= moderate effort and time, 2= minimal effort and time, 1=almost no effort or time required - a quick win.)
A not on scale sizing: you should size your scale based on the number of projects that you need to prioritize. A larger scale gives you more differentiation among scores, so there will be fewer ties. At the same time a higher scale leads to more complexity and decreased confidence in scoring. I would recommend that you start with a 1-4 scale and if ties become too commonplace, then increase the scale by one.
RICE Formula
RICE score = (Reach x Impact x Confidence) / Effort
Each of these criteria is assigned a score, and the total score is used to rank and prioritize tasks or projects. the goal is to prioritize your work and ensure that the most important and urgent projects are completed first.
Notion RICE Prioritization Template
Improving RICE
We can add two additional criteria to create greater differentiation in scores, and to account for business impact and risk.
Taking the original scoring exercise, we will modify it to add Business impact and risk criteria.
RICE score = (Reach x Customer Impact x Business Impact * Confidence) / (Effort * Risk)
When adding Business Impact and Risk criteria, the AI functionality project jumped to the top position.
Project Methodology and RICE
Using a standard Agile Methodology process, RICE would fit into step 3, where you prioritize your project backlog. Using RICE ensures that you are working on those things that bring the most value to customers and to the organization.
Intake: The intake phase is where new ideas or projects are introduced into the system. This could include brainstorming sessions or requests from stakeholders.
Backlog: The backlog is a list of all the ideas, features, and requirements that need to be addressed in the project. This is an ongoing process, where new items are added and removed as needed.
Prioritize: In this step, the items in the backlog are prioritized based on their value, cost, and risk. This helps the team determine which items are the most important to work on first.
Select: Once the backlog items are prioritized, the team selects which items they will work on for the next cycle or iteration. This helps the team focus their efforts and ensures that they are working on the most valuable items first.
Execute: In this step, the team works on developing and delivering the selected items. The focus is on delivering small, functional increments that provide value to the customer.
Deliver: Once the work is complete, the team delivers the completed items to the customer or end-users. This allows the team to get feedback on their work and ensure that they are meeting the customer's needs.
Iterate: After the delivery of the completed items, the team reviews the feedback and makes any necessary adjustments. The process then starts again from the intake phase, with new ideas and feedback incorporated into the backlog.
Conclusion
By categorizing your backlog based on importance and urgency, you can ensure that you're dedicating your time and energy to the things that really matter. Whether you're trying to be more productive at work, or want to manage your personal responsibilities more effectively, the RICE method can help. By taking a few moments to evaluate your priorities and plan your day accordingly, you can set yourself up for success and make steady progress towards your goals.