You will have been using practical wisdom through your life, but to explicitly identify it and think about how you develop and use it may be new to you.
Phronesis, or practical wisdom, can be described as the virtue that can help govern other virtues when they come into conflict or competition.
As a virtue it allows us to decide how, when, why and in what quantity to use other virtues.
An example may be a clash between honesty and compassion. If a student is seeking your approval for a piece of work that is not at the right standard, the virtues of honesty and compassion will come into conflict. This conflict will also be different for individual students and your own professional standards, so the development and use of practical wisdom is essential to your practice.