Quantum yield
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The quantum yield of a radiation-induced process is the number of times that a defined event occurs per photon absorbed by the system. The "event" may represent a chemical reaction, for example the decomposition of a reactant molecule:

Quantum Yield can also be defined for other events, such as fluorescence (emission of photons) in which case the quantum yield is defined by the equation:

Here, quantum yield is essentially the emission efficiency of a given fluorophore in this case.
[edit] Example
Quantum yield is used in modeling photosynthesis (Skillman 2008):

[edit] See also
[edit] References
Skillman, J.B. 2008. Quantum yield variation across the three pathways of photosynthesis: not yet out of the dark. Journal of Experimental Botany, 59(7):1647–1661 doi:10.1093/jxb/ern029