Understanding how much of a product is produced in a reaction is referred to as understanding the reaction?

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Understanding how much of a product is produced in a reaction is referred to as Stoichiometrically understanding the reaction.

Stoichiometry is the calculation of the quantitative relationships between reactants and products in a chemical reaction. The first to talk about stoichiometry was Jeremias Benjamin Ritcher, who said that "Stoichiometry is the science that measures the quantitative proportions or mass ratios of chemical elements that are involved in a chemical reaction".

To calculate how much of a product is produced in a reaction, Stoichiometry is used, applying the law of conservation of mass. That means that the amount of product can be calculated from the amounts of reactants if they are known.