The simple version to me is an agreed plan for the management of human activities, which, collectively, is monitored and reviewed regularly and adjustments are made in light of the information you're gathering. Essentially, you hold hands and sign in blood, and say, okay, that's how we're going to manage things in that area. We're going to adapt when things change. It could be climate, it could be species distribution, or it could be some new economic resource that wasn't understood at the beginning. That's what adaptive management is about, generally.
On April 18th, 2013. See this statement in context.