Wiktionary
n. An iterative method of decision making in the face of uncertainty that reduces uncertainty by continuous monitoring; used especially in the management of ecosystems etc
Wikipedia
Adaptive management (AM), also known as adaptive resource management (ARM), is a structured, iterative process of robust decision making in the face of uncertainty, with an aim to reducing uncertainty over time via system monitoring. In this way, decision making simultaneously meets one or more resource management objectives and, either passively or actively, accrues information needed to improve future management. Adaptive management is a tool which should be used not only to change a system, but also to learn about the system (Holling 1978). Because adaptive management is based on a learning process, it improves long-run management outcomes. The challenge in using the adaptive management approach lies in finding the correct balance between gaining knowledge to improve management in the future and achieving the best short-term outcome based on current knowledge (Allan & Stankey 2009).