What is the Poisson’s ratio of a material and how is it used in mechanics of materials?

The Poisson’s ratio of a material is a measure of the material’s ability to deform in response to an applied load. It is a dimensionless quantity that is typically denoted by the symbol “nu” and is defined as the ratio of the transverse strain to the axial strain in a material when it is subjected to a uniaxial tensile or compressive load.