I think a theory is one's opinion. If you had two people, each with a different approach they could use the same theory and have two different outcomes of the theories. Depending upon the individual them self. I base my decision on the contingency approach.
The contingency approach to management clearly states that there are no "one best way" to do something. More than likely two managers are not going to deal with a problem the exact same way. Although any theory or practice may work much of the time, none works all the time. Then, how is a manager to decide what theory to use? The most effective management theory or idea depends on the kinds of problems or situations that managers or organizations are facing at a particular time. The best way depends on the situation or the severity of the dilemma they are in. This means that management is much harder than it looks.
I think theories are good to have. If it be in the work place or your home. I may have the same problem on my farm two different times, but the approach in which I deal with would be different each time. Simply because the weather is not always the same or something new is going on with the equipment. Or the Co-Op has a new driver and delivers the wrong feed. Depending on the situation at the particular time, is how I manage with it.
If management practices had not been researched as much, we would not be where we are today. I think without research, it would have been a lot of confusion among employees. Without management WHO would be in charge? I think all the theories are helpful. If it be in manufacturing, production, building or inventing. Each theory has it's own way of dealing with