Definition: the RICE Score is a (product) requirement prioritization model and formula.
The framework uses 4 aspects and corresponding metrics to compare different (product) requirements:
Reach: Used for measuring the number of people that would be impacted (benefited) by the new feature in a given timeframe.
Impact: This metric aims to quantify the how strongly a feature would benefit the users.
Confidence: Expressed in a percentage, covers the inaccuracies in the data used.
Efforts: The total time required by all relevant stakeholders (Product, Design, Engineering) for deploying the feature.
Metrics are used to calculate a final score.
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