So, here is a simple explanation of collapsing wave function. The Schrodinger equation explains what we know of the quantum state in the form of the wave function. It merely predicts the possibilities of finding it in a particular state. On the other hand, a measurement made on the system gives a unique answer, either state 1 or state 2 -as if the act of measurement leads to possibilities to a single outcome. This outcome is called a collapsing wavefunction.
Is this collapse merely a mathematical formality, or is this a physical process?
So, the conventional "Copenhagen Interpretation" of quantum theory insists the "states" can not be known until observed. Some may even think collapsing wavefunction is an illusion and the logic is that all possible outcomes are already observed in different worlds. And some, of course, is a radioactive decay that has a definite timescale. It may involve gravitational forces, and there is a link between gravity and quantum theory.
Additional resources :
Encyclopedia of quantum physics for people who are not yet experts, including physics students and laypeople.
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