Exploratory testing is a software testing technique that emphasizes personal freedom and responsibility of testers to design and execute tests. It involves simultaneous learning, test design, and test execution while adapting tests as they are performed. Exploratory testing encourages creativity and adaptability to find bugs more quickly compared to scripted testing alone. However, it depends on tester skills and knowledge and may result in redundant testing if combined with scripted testing. Overall exploratory testing is best used with scripted testing and when test documentation is limited.