Plain English Meaning
How well the airplane does what the pilot tells it to do through the controls. When you move the stick, rudder, or yoke, the airplane responds the way you expect.
Full Definition
The capability of an airplane to respond to the pilot's control inputs, especially with regard to flightpath and attitude. A controllable airplane changes its attitude and direction predictably and promptly when the pilot moves the flight controls.
Context Anchor
Seen during the takeoff roll, when the airplane is accelerating along the runway and the pilot must keep it straight and stable before liftoff.
Derivation
From 'control' (to direct or command) plus '-ability' (the capacity to do something). Literally: the airplane's capacity to be .