The batting average statistic has been used almost exclusively to assess the worth of a batsman. It reveals a great deal about the potential performance of batsmen in cricket played at the first class level. However, in the one-day game, strict limits on the number of balls bowled have introduced a very important additional dimension to performance. In the one-day game, it is clearly not good enough for a batsman to achieve a high batting average with a low strike rate. Runs scored slowly, even without the loss of wickets, will generally result in defeat rather than victory in the one-day game. Assessing batting performance in the one-day game, therefore, requires the application of at least a two-dimensional measurement approach because of the time dimension imposed on limited overs cricket. In this paper, we use a new graphical representation with Strike rate on one axis and the Probability of getting out on the other, akin to the risk–return framework used in portfolio analysis, to obtain useful, direct and comparative insights into batting performance, particularly in the context of the one-day game. Within this two-dimensional framework we develop a selection criterion for batsmen, which combines the average and the strike rate. As an example of the application, we apply this criterion to the batting performances of the 2003 World Cup. We demonstrate the strong and consistent performances of the Australian and Indian batsmen as well as provide a ranking of batting prowess for the top 20 run scorers in the tournament.