How does the application of theoretical principles in chemical engineering, such as mass and energy conservation, thermodynamics, reaction kinetics, and transport phenomena, contribute to the design, optimization, and operation of chemical processes and systems? Specifically, how do these theories inform decisions related to reactor design, separation processes, process control, and safety considerations? Moreover, how do advancements in theoretical understanding, computational modeling, and experimental techniques drive innovation in chemical engineering, enabling the development of more efficient, sustainable, and environmentally friendly processes and products?