Meaning of “formulate” - Learner’s Dictionary

formulate

verb [ T ] uk us /ˈfɔːmjəleɪt/
PLAN

to develop all the details of a plan for doing something:

They formulated a plan to save the company.
SAY

to say what you think or feel after thinking carefully:

to formulate an answer/reply
formulation uk us /ˌfɔːmjəˈleɪʃən/ noun [ C, U ]

(Definition of “formulate” from the Cambridge Learner’s Dictionary © Cambridge University Press)