The gap that exists between the world of management theory and the practice of management was studied. A questionnaire was administered to 192 practicing managers and 104 academics in 1983. The respondents were asked whether they felt a serious gap or difference existed between management theory as taught in business and management schools and colleges, and management as practiced in the real world. A majority of respondents felt a significant gap existed. Practicing managers perceived a greater gap between management theory and the practice of management than did academicians. Approaches to bridge the gap between theory and practice that both managers and academics favored had to do with providing more opportunities for dialogue and interaction between management theorists and practitioners. These approaches included: developing exchange programs and discussions between management educators and practicing managers; developing alternate organizational structures to overcome the shortcomings of the hierarchy and bureaucratic rules in the practice of management; institutionalizing rewards for developing and implementing new ideas and management practices within organizations; and developing more and better executive/professor exchange programs. (SW)