Prioritizing with difficulty x cost x quantity = value??

Could it be that simply to calculate the value of my backlog at work?  I once heard on a podcast that a simple way for a startup founder to prioritize all the product backlog in order to focus is via a spreadsheet and do hard ranking. Difficulty x cost x quantity == value?   While I agree with maybe having a simple formula for value would make it easier to plan, maybe the formula could be an inverse of cost?   Difficulty x quantity x 1/cost = value? I don’t really know, but it would be super interesting to be able to have a mental model for value.
Tony Tam (Li Zhi)

Senior Principal Engineer @ Splunk, &