Similar to RICE, ICE is a type of prioritisation scorecard and is often ideal for early stage product development.
ICE can be viewed as a more generic version of RICE as it drops the 'R' (REACH) and therefore can be more applicable to non-user facing ideas.
ICE stands for
ICE is a formula that multiplies, IMPACT by CONFIDENCE and then by EASE.
ICE employs a consistent scoring system of 1 to 10. Where 1 is the lowest and 10 being the highest.
E.g. say your goal was to increase MAU (monthly active users) by 3%. Then any idea that helps improve MAU would score highly in IMPACT. Something that may attribute to 2-3% increase may score a 10 for IMPACT.
One thing to note is with EASE, the values are inversed to what you would give for Effort.
In other words, rather than asking how hard this is to implement, we're asking ourselves how easy this would be to implement. This would mean that a 10 would be extremely easy and a 1 would = very hard.
IMPACT x CONFIDENCE x EASE