Density Matrices
You can model a quantum system with a density operator $\rho=\sum_i p_i |\psi_i\rangle\langle\psi_i|$ , which represents a mixed state: a probabilistic mixture of pure states $|\psi_i\rangle$. If you choose a basis to represent the the state vectors $|\psi_i\rangle$, then the density operator can be written as a density matrix with elements $\rho_{ij}$ such that $\rho=\sum_{ij} \rho_{ij} |i\rangle\langle j |$.
The elements $\rho_{ii}$ of the diagonal of the density matrix are known as populations and represent the probability the system will be measured to be in a particular state. Note that populations, like probabilities, must sum to one: $\sum \rho_{ii} = 1$.
The off-diagonal elements $\rho_{ij}$ (where $i\neq j$) are known as coherences, and represent the quantum statistics of your system: the relative phases and other information is stored here. (For example, you need the coherences to tell whether the state is mixed or pure.)
Coherence and Population Decays
With the above in mind: a coherence decay $\gamma_{ij}$ likely means the coherence $\rho_{ij}$ simply has an exponential decay rate $\gamma_{ij}$ such that $\frac{\partial}{\partial t} \rho_{ij} = -\gamma_{ij} \rho_{ij}$.
In this vein, a population decay $\Gamma_{i\rightarrow j}$ would simultaneously mean $\frac{\partial}{\partial t} \rho_{ii} = -\Gamma_{i\rightarrow j} \rho_{ii}$ and
$\frac{\partial}{\partial t} \rho_{jj} = +\Gamma_{i\rightarrow j} \rho_{ii}$, so population is transferred from state $i$ to state $j$.
Physically, population and coherence decay models can be used to help describe several different phenomena. Spontaneous emission, for example, consists of both a population decay $\Gamma_{i\rightarrow j}$ to a lower state, and coherence decays $\gamma_{ik}$ between upper state $i$ and every other state $k\neq i$. Different population and coherence decays can sum together when effects are simultaneously included.
Using a Master Equation
I would recommend looking at the Lindblad equation and the Liouvillian superoperator for a better idea of how this works in practice.
For example, spontaneous decay I described above corresponds to a Lindblad jump operator $|j\rangle\langle i|$, which once plugged into the Lindblad equation generates the decay terms described above. For simple cases like this, the jump operator interpretation is quite intuitive: we stochastically, irreversibly go from state $i$ to state $j$ with jump operator $|j\rangle\langle i|$.
Note that certain combinations of coherence and population decays can lead to unphysical density matrices, and sticking to master equations like the Lindblad equation when possible helps the construction of physically sensible dynamical models.