The formation constant, often represented as $$K_f$$, quantifies the stability of a complex ion in solution by measuring the extent to which a metal ion binds with ligands to form a complex. A higher formation constant indicates a more stable complex, reflecting a greater tendency of the metal to associate with the ligands. The formation constant is crucial in understanding how different ligands interact with metal ions and affects various chemical equilibria, including those involving substitution reactions and chelation.