What is the difference between floating and stranding (or weaving)?
Floating is carrying the unused color behind your work (or in front if purling) until needing it to knit again, whether it be one stitch or many. Stranding is similar, but in this case, if you have more than stitches of the same color in a row to knit, at about the fifth stitch you would “catch” the unused yarn in your knit stitch so the float portion would be 5 stitches (or wherever you catch it). I believe this concept is used commonly in Norwegian knitting, for instance Dale of Norway sweaters, since they may have large color blocks.