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ASD replaces the traditional [[waterfall model|waterfall]] cycle with a repeating series of ''speculate'', ''collaborate'', and ''learn'' cycles. This dynamic cycle provides for continuous learning and adaptation to the emergent state of the project. The characteristics of an ASD life cycle are that it is mission focused, feature based, iterative, timeboxed, risk driven, and change tolerant.
The word “<b>speculate</b>” refers to the paradox of planning – it is more likely to assume that all stakeholders are comparably wrong for certain aspects of the project’s mission, while trying to define it. <b>Collaboration</b> refers to the efforts for balancing the work based on predictable parts of the environment (planning and guiding them) and adapting to the uncertain surrounding mix of changes caused by various factors – technology, requirements, stakeholders, software vendors, etc. The collaboration activities, combined with the short iterations and feedback for getting knoledge from small mistakes are base for the <b>learning </b> cycles, concerning all stakeholders.
<ref>{{cite web|url=http://www.adaptivesd.com/articles/messy.htm|title=Messy, Exciting, and Anxiety-Ridden: Adaptive Software Development}}</ref>
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