RICE is a simple framework for prioritisation - based on scoring. It is an acronym which stands for these 4 factors.
Reach - How many users will this feature affect?
Impact - What will be impact on this feature when the customer encounters it? This will be a relative scoring for each of your item.
0.25 = Minimal; 0.5 = Low; 1 = Medium; 2 = High; 3 = Massive
Confidence - Are you confident in your estimates? Again, relative it is
20% = Moonshot; 50% = Low Confidence; 80% = Medium Confidence; 100% = High Confidence.
Effort - How many resources x days will it take to build this feature?
Now, score it with this formula
It is a simple prioritisation tool and eliminates the bias/risk with a feature as you are taking confidence also into account.
Almost every product manager use this tool for prioritisation.
List down the items for prioritisation, score them for R.I.C.E. Calculate the final RICE score and sort them in ascending order. This excel sheet will automatically do it for you