There is no question about what Integrated Pest Management is since the steps have been outlined for years.
1) Identify the problem, if there is one.
2) Determine if steps need be taken to control this problem.
3) Determine the least toxic means of control and apply it.
4) Monitor the results
5) Review this action.
Integrated Pest Management is not using several methods at once to control a potential problem, as I have heard some dexcribe it.

I call it gardening by walking around- observe the plants closely on a regular basis to monitor for problems. Also be aware of what problems are probable for each plant, and the climatic/cultural conditions that favor the problem starting or getting worse (such as degree days for aphids, or knowing what plant usualy is the first to get aphids). Then select the least toxic response to start with, moving up as needed. Often a blast of water every few days will keep insects at bay.

To add to the good thoughts listed above:

Select only those plants that are appropriate for the site (soil type, sun, pH, exposure, etc.) Of course, that means that everyone should take the time to evaluate their site!

Take care of the soil so that the soil can take care of the plants. This will result in needing less fertilizer and water, the mismanagement of which causes lots of plant problems.

Learn to be tolerant of creepy crawlies. Most of them add to the healthy balance of the garden.

If the crop loss appears to be greater in $$ value than spraying with least toxic pesticde, Then spray, Otherwise use OG methods

If it looks like a loss w/o commercial spray, then do it.

"Integrated Pest Management is not using several methods at once to control a potential problem, as I have heard some dexcribe it."

Actually, the basis of IPM is often using a combination of methods, techniques, and materials to manage pests. Just about every definition will include language stating this. The Clemson University site states it well:
"IPM is a decision-making process that anticipates and prevents pest activity and infestation by combining a number of different strategies to achieve long-term solutions to pest problems."

IPM is also not a simple A then B then C list of choices, rather it is a more holistic and complete way of assessing all of the available choices to come up with the best solution, or set of solutions, arrived at after a thorough understanding of the problem is achieved.