A quantum field theoretical model for the dynamics of the disoriented chiral condensate is presented. A unified approach to relate the quantum field theory directly to the formation, decay and signals of the DCC and its evolution is taken. We use a background field analysis of the O(4) sigma model keeping one-loop quantum corrections (quadratic order in the fluctuations). An evolution of the quantum fluctuations in an external, expanding metric which simulates the expansion of the plasma, is carried out. We examine, in detail, the amplification of the low momentum pion modes with two competing effects, the expansion rate of the plasma and the transition rate of the vacuum configuration from a metastable state into a stable state.We show the effect of DCC formation on the multiplicity distributions and the Bose-Einstein correlations.