Theory is one of those things that helps us understand the bigger picture but in and of itself must rely on working knowledge of how things function on the ground. One of the criticisms of higher education is that students might come with theory but not with practicality. Some of that is related to experience and some of that to exposure. Learning to apply theory within advance business education helps to make practicality out of what would considered "pie in the sky" thinking.
Let me say theory is not useless. It helps us create a mental model of how something works. When someone understands theory they are able to create abstractions of events in order to better adjust the factors toward a more beneficial end.
There are some theories that have been consistently tested to have a level of accuracy and in turn are able to be used by most practitioners with working knowledge. Other theories are unknown and obscure and may only partially explain events. The practical and theoretical can be best buds!
Innovative environments lead to new theories and models that help to explain what is occurring. Graduating students that hope to work in innovative environments should have both practical knowledge and theoretical knowledge in a way that leads to actual application.
Industry specific knowledge can be helpful when students know the type of field they want to work in. As our economy innovates and there are greater pressures for new products and outcomes one will also want to think about helping graduating students move helpful theories into practical application within their workplace (one might also say take practical theories found in business and then create working models that can be taught to other students. Its a reciprocal process.)
Greater connection between industry and business will help not only discover new theories forming within business but also be able to develop, test and share those theories in other places.
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