Wave amplitude in quantum mechanics relates to the wave function, which is a complex probability amplitude that determines the likelihood of various measurement outcomes. The probability of finding a particle at a specific position is given by the square of the amplitude, represented as P(x) = |ψ(x)|². The wave function evolves over time according to the Schrödinger equation, but upon measurement, it experiences a discontinuous change known as "collapse." It is crucial to understand the standard interpretation of quantum mechanics before exploring alternative interpretations, as this foundational knowledge aids in grasping the subject effectively. Recommended resources include Tipler and the Feynman Lectures for a clearer understanding of these concepts.