There are numerous mathematically equivalent formulations of quantum mechanics. One of the oldest and most commonly used formulations is the transformation theory invented by Cambridge theoretical physicist Paul Dirac, which unifies and generalizes the two earliest formulations of quantum mechanics, matrix mechanics (invented by Werner Heisenberg)^[1] and wave mechanics (invented by Erwin Schrödinger).

In this formulation, the instantaneous state of a quantum system encodes the probabilities of its measurable properties, or "observables". Examples of observables include energy, position, momentum, and angular momentum. Observables can be either continuous (e.g., the position of a particle) or discrete (e.g., the energy of an electron bound to a hydrogen atom).

Generally, quantum mechanics does not assign definite values to observables. Instead, it makes predictions about probability distributions; that is, the probability of obtaining each of the possible outcomes from measuring an observable. Naturally, these probabilities will depend on the quantum state at the instant of the measurement. There are, however, certain states that are associated with a definite value of a particular observable. These are known as "eigenstates" of the observable ("eigen" meaning "own" in German). In the everyday world, it is natural and intuitive to think of everything being in an eigenstate of every observable. Everything appears to have a definite position, a definite momentum, and a definite time of occurrence. However, quantum mechanics does not pinpoint the exact values for the position or momentum of a certain particle in a given space in a finite time, but, rather, it only provides a range of probabilities of where that particle might be. Therefore, it became necessary to use different words for a) the state of something having an uncertainty relation and b) a state that has a definite value. The latter is called the "eigenstate" of the property being measured.

A concrete example will be useful here. Let us consider a free particle. In quantum mechanics, there is wave-particle duality so the properties of the particle can be described as a wave. Therefore, its quantum state can be represented as a wave, of arbitrary shape and extending over all of space, called a wavefunction. The position and momentum of the particle are observables. The Uncertainty Principle of quantum mechanics states that both the position and the momentum cannot simultaneously be known with infinite precision at the same time. However, we can measure just the position alone of a moving free particle creating an eigenstate of position with a wavefunction that is very large at a particular position x, and zero everywhere else. If we perform a position measurement on such a wavefunction, we will obtain the result x with 100% probability. In other words, we will know the position of the free particle. This is called an eigenstate of position. If the particle is in an eigenstate of position then its momentum is completely unknown. An eigenstate of momentum, on the other hand, has the form of a plane wave. It can be shown that the wavelength is equal to h/p, where h is Planck's constant and p is the momentum of the eigenstate. If the particle is in an eigenstate of momentum then its position is completely blurred out.

Usually, a system will not be in an eigenstate of whatever observable we are interested in. However, if we measure the observable, the wavefunction will instantaneously be an eigenstate of that observable. This process is known as wavefunction collapse. It involves expanding the system under study to include the measurement device, so that a detailed quantum calculation would no longer be feasible and a classical description must be used. If we know the wavefunction at the instant before the measurement, we will be able to compute the probability of collapsing into each of the possible eigenstates. For example, the free particle in our previous example will usually have a wavefunction that is a wave packet centered around some mean position x₀, neither an eigenstate of position nor of momentum. When we measure the position of the particle, it is impossible for us to predict with certainty the result that we will obtain. It is probable, but not certain, that it will be near x₀, where the amplitude of the wavefunction is large. After we perform the measurement, obtaining some result x, the wavefunction collapses into a position eigenstate centered at x.

Wave functions can change as time progresses. An equation known as the Schrödinger equation describes how wave functions change in time, a role similar to Newton's second law in classical mechanics. The Schrödinger equation, applied to our free particle, predicts that the center of a wave packet will move through space at a constant velocity, like a classical particle with no forces acting on it. However, the wave packet will also spread out as time progresses, which means that the position becomes more uncertain. This also has the effect of turning position eigenstates (which can be thought of as infinitely sharp wave packets) into broadened wave packets that are no longer position eigenstates.

Some wave functions produce probability distributions that are constant in time. Many systems that are treated dynamically in classical mechanics are described by such "static" wave functions. For example, a single electron in an unexcited atom is pictured classically as a particle moving in a circular trajectory around the atomic nucleus, whereas in quantum mechanics it is described by a static, spherically symmetric wavefunction surrounding the nucleus (Fig. 1). (Note that only the lowest angular momentum states, labeled s, are spherically symmetric).

The time evolution of wave functions is deterministic in the sense that, given a wavefunction at an initial time, it makes a definite prediction of what the wavefunction will be at any later time. During a measurement, the change of the wavefunction into another one is not deterministic, but rather unpredictable, i.e., random.

The probabilistic nature of quantum mechanics thus stems from the act of measurement. This is one of the most difficult aspects of quantum systems to understand. It was the central topic in the famous Bohr-Einstein debates, in which the two scientists attempted to clarify these fundamental principles by way of thought experiments. In the decades after the formulation of quantum mechanics, the question of what constitutes a "measurement" has been extensively studied. Interpretations of quantum mechanics have been formulated to do away with the concept of "wavefunction collapse"; see, for example, the relative state interpretation. The basic idea is that when a quantum system interacts with a measuring apparatus, their respective wavefunctions become entangled, so that the original quantum system ceases to exist as an independent entity. For details, see the article on measurement in quantum mechanics.