Schrodinger Equation
The Schrodinger equation plays the role of
Newton's laws and
conservation of energy in classical mechanics - i.e., it predicts the future behavior of a dynamic system. It is a wave equation in terms of the
wavefunction which predicts analytically and precisely the probability of events or outcome. The detailed outcome is not strictly determined, but given a large number of events, the Schrodinger equation will predict the distribution of results.

The kinetic and potential energies are transformed into the Hamiltonian which acts upon the wavefunction to generate the evolution of the wavefunction in time and space. The Schrodinger equation gives the quantized energies of the system and gives the form of the wavefunction so that other properties may be calculated.
TAKEN FROM SITE.
SO NO NEED TO RATE