Definition: ICE Analysis is a tool for setting priorities in major decision-making and strategic planning.
ICE stands for 3 factors that should be considered whenever strategic priorities are set: Impact, Cost and Effort.
IMPACT: Can be measured in terms of sales growth; cost savings; quality improvement; better customer service and anything that benefits the company.
COST: Is a critical component when evaluating any growth strategy. With limited funds, companies must make careful choices about where to focus resources. Even the best idea should not be pursued if the costs are too high.
EFFORT: Strategies must be considered in terms of resources available and time required.
More on individual decision making: Anchoring Bias, Bayesian Theory, Black Swan Theory, Bounded Rationality, Cognitive Bias, more...
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