A tool used for decision analysis which lists down all the pros and cons of any decision. It makes use of payoffs, and provides various combinations or alternatives, giving a better idea of the situation. Known as a payoff matrix too.

More On This Topic

Link to This Definition
Did you find this definition of PAYOFF TABLE helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary