Current Status of LHC Physics: Precision Theory View

We discuss the current status of LHC physics from the perspective of precision theory predictions for the attendant QCD and EW higher order corrections. We focus on the interplay between the available data and the predictions for these data viewed in the context of the establishment of baselines for what is needed to exploit fully the discovery potential of the existing LHC data and the data expected by the end of the second LHC run (i.e., 300fb$^{-1}$). We conclude that significant improvement in the currently used theoretical predictions will be mandatory. Possible strategies to achieve such improvement are indicated.