Shot noise can be quantified using the Schottky formula, which relates the noise power to the average current flowing through the device. The formula is given by:
S = 2eIΔf
where S is the noise power spectral density, e is the elementary charge, I is the average current, and Δf is the bandwidth over which the noise is measured. This relationship indicates that shot noise is directly proportional to the average current and the bandwidth.