The RICE scoring model is an objective, quantifiable method for product managers and founders to prioritize tasks and features. It stands for Reach, Impact, Confidence, and Effort, with each factor assigned a value that contributes to the overall score of a task or feature. The higher the RICE score, the higher the priority. This framework promotes cross-team collaboration and critical thinking while providing a consistent formula for decision-making. However, it can be time-consuming and may not explicitly prioritize customer delight. Despite its limitations, the RICE model is valuable for teams looking to put numbers behind their decisions and create an equal playing field for potential features.