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兵 can be used to express soldiers, troops, a force, an army, weapons, arms, military, warfare, tactics, strategy, or warlike.
The final meaning depends on context. It's also part of the Chinese title for the Terracotta soldiers. In fact, this character is usually used in compound words (words of more than one character). Sometimes this single character is the title used for the pawns in a chess game (in a related issue, this is also a nickname for soldiers with the rank of Private).
This Chinese military proverb means, counter soldiers with arms and counter water with an earthen dam.
兵來將擋水來土掩 is about how different situations call for different actions. You must adopt measures appropriate to the actual situation.
To explain the actual proverb, one would not attack a flood of water with gunfire, nor would you counter-attack soldiers by building an earth weir. You must be adaptable and counter whatever threatens with relevant action.
視卒如嬰兒故可以與之赴深溪視卒如愛子故可與之俱死 is an entry from the 10th section within the Earth/Terrain chapter of Sun Tzu's Art of War.
This is often translated as “Regard your soldiers as your children, and they will follow you into the deepest valleys. Look upon them as your own beloved sons, and they will stand by you even unto death.”
Soldiers need a fluid plan
This literally translates as: Troops/soldiers/warriors have no fixed [battlefield] strategy [just as] water has no constant shape [but adapts itself to whatever container it is in].
Figuratively, this means: One should seek to find whatever strategy or method is best suited to resolving each individual problem.
This proverb is about as close as you can get to the military idea of “adapt improvise overcome.” 兵無常勢水無常形 is the best way to express that idea in both an ancient way, and a very natural way in Chinese.