What are the limitations of the payback period as an investment decision criterion? What are its advantages?

Question:

What are the limitations of the as an investment decision criterion? What are its advantages? Why do you think it is used so frequently?
Payback Period
Payback period method is a traditional method/ approach of capital budgeting. It is the simple and widely used quantitative method of Investment evaluation. Payback period is typically used to evaluate projects or investments before undergoing them,...