Definition :
The payback amount is that the length of your time needed to recover the value of an investment. The payback amount of a given investment or project is a crucial determinant of whether or not to undertake the position or project, as longer payback periods are generally not fascinating for investment positions. The payback amount ignores the time value of money (TVM), in contrast to different ways of capital budgeting like internet gift worth (NPV), internal rate of return (IRR), and discounted cash flow.
Click here to get such more insights
Further Reading:
Lean Agile Software Development by Alan Salloway, Guy Beaver and James R. Trott.