The document discusses four conceptions of the relationship between project management theory and practice:
1) Project management as tacit knowledge with no attempt to theorize practice.
2) Project management as an applied science through standardized models and techniques.
3) Project management as an interpretive framework using descriptive theories.
4) Project management as reflective practice where theorization emerges from reflecting on practice situations. This conception proposes constructing pragmatic theories immersed in project realities.