Payoffs, alternatives, and expected monetary values are terms associated with:

Product design is the process of conceptualizing, testing, and refining a product, service, or experience to meet market needs and user problems. It involves research, strategy, industry knowledge, and creative thinking.  The product design process typically includes the following steps: Define the product Research User analysis Ideation Designing the product Creating an idea Determining product feasibility Testing the product Launching the product  Product designers help create products that delight customers by defining product and business goals, and anticipating market... Show more

Product design is the process of conceptualizing, testing, and refining a product, service, or experience to meet market needs and user problems. It involves research, strategy, industry knowledge, and creative thinking. 

The product design process typically includes the following steps:
Define the product
Research
User analysis
Ideation
Designing the product
Creating an idea
Determining product feasibility
Testing the product
Launching the product 

Product designers help create products that delight customers by defining product and business goals, and anticipating market opportunities and user needs. They also optimize the user experience and make products sustainable for longer-term business needs.

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