Volume is a highly regulated property of cells, because it critically affects intracellular concentration. In the present chapter, we focus on the short-term volume regulation in yeast as a consequence of a shift in extracellular osmotic conditions. We review a basic thermodynamic framework to model volume and solute flows. In addition, we try to select a model for turgor, which is an important hydrodynamic property, especially in walled cells. Finally, we demonstrate the validity of the presented approach by fitting the dynamic model to a time course of volume change upon osmotic shock in yeast.