Lightness/value
The attribute of colour which describes how light or dark a colour looks, compared to for example the greyscale which runs from light (white) to dark (black). It is used to describe colours of objects rather than colours of lights.
Simple definition: Ways to describe how light or dark a colour appears.
Expanded discussion: Available at David Briggs’ website The Dimensions of Colour: Lightness
Example: Figure A below depicts a painting in full colour, and Figure B shows the lightness/value information, leaving the hue and chroma information in Figure C.