As Vivek said, it is used to describe the kinds of objects that you may produce as part of a project. The project could be an implementation or an upgrade. Typically all objects are classified using the RICEF classifications however a more recentlty added one is W for workflow.
More contemporary projects therefore have RICEFW
R - Report
I - Interface
C - Conversion
E - Enhancement
F - Form
W - Workflow
During your analysis stage of the project you typically look at a gap between the current application capability and the business requirement.
Objects to be delivered will typically be a RICEFW item however you may also need to develop new RICEFW objects if configured or base functionality is missing. The inventory of RICEFW objects becomes the task list of deliverables that you would develop and project manage.
During the course of the prohject you may for example decide that certain RICEFW items get relegated to a backlog of requirements because you run out of time or budget.
At cutover you would be expected to have fully unit and QA tested all your RICEFW objects and would possible have passed them through UAT also. These are what the business makes use of at go-live.
The quality of your RICEFW objects and their ability to meet the business' objectives largely determines project success.
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