In regards to economics, explain the term: payoff matrix

Payoff metrics refer to the strategic decision possible outcome that is visually represented. Moreover, it includes strategies, outcomes, and data for opponents. Pay off matrix can be used by organizations to predict strategy and calculate the total output. Besides, it an essential tool which aid organizations make critical decisions when faced by various scenarios in the market. The table represents the possible losses and profits which a firm can face upon making a specific decision.