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Here are some definitions to help clarify things. A Policy is a guideline or statement of position with respect to a given topic. A Process is the highest level description of a large task or series of related tasks. It provides the BIG picture.
Definition of Policy Formulation. Policy formulation is the development of effective and acceptable courses of action for addressing what has been placed on the policy agenda. Effective formulation means that the policy proposed is regarded as a valid, efficient, and implementable solution to the issue at hand. If the policy is seen as ineffective or unworkable in practice, there is no legitimate reason to propose it. Policy analysts try to identify effective alternatives.