What does Vega mean in options?

Could you please elaborate on the significance of Vega in the context of options trading? I understand it's a key Greek letter metric, but I'm curious about how exactly it measures and impacts the potential profitability or risk associated with an option position. Specifically, how does Vega fluctuate and what factors contribute to these changes? Furthermore, how do traders typically factor Vega into their decision-making process when evaluating and managing option portfolios?