Ann: Consolidation/Split - MGT, page-19

This is how I explain theory vs practice to my daughter.

Theory is when you think you know something but it doesn't work. Practice is when something works but you don't know why...

Difference between theory and practice set below in a joke :
A son asks his father whats the difference between in theory and in practice was.His father replies" go ask your older sister, mother and grandmother whether they would have sex with a man for 1 million dollars. The boy asked them and they all said YES.
So the boy returns to his father and says how is this relevant to the question he asked??The father responds " it's a good example, you see in THEORY we should have 3 million dollars but in practice we have 3 whores"