The present status of the notion of reduction (R) of the wave function
is discussed with a special emphasis placed on the elucidation of the
operational meaning of this notion. The main part of the paper is pre
sented in the form of a dialogue between supporters of two extreme vie
wpoints on the R in the interpretation of several characteristic exper
iments. According to the first point of view, R is a real physical phe
nomenon. According to the second approach, R is a purely speculative p
rocess or a procedure for the processing of the experimental data. Our
conclusion is that the choice between these two viewpoints is a matte
r of taste because such a choice cannot be based on an experiment. For
the supporters of the operational approach, the notion of R as areal
process, as well as the assignment of a wave function to an individual
particle, has no physical meaning. We also clarify the operational me
aning of some other notions of quantum mechanics, such as preparation,
filtration, simple and correlation measurements, back action, and dis
tinguishable and indistinguishable alternatives. The mathematical aspe
ct of the problem is presented in Appendices, where the relevant infor
mation from the quantum theory of measurements is summarized and a mea
surement postulate is proposed that is equivalent in its form to the p
rojection postulate but does not involve the notion of R. We also cons
ider a simple model that describes correlation experiments of the Time
-of-Flight type with a freely moving electron.