The Collaborative International Dictionary of English v.0.48:

Formulate \For"mu*late\, v. t. [imp. & p. p. Formulated; p.
   pr. & vb. n. Formulating.]
   To reduce to, or express in, a formula; to put in a clear and
   definite form of statement or expression. --G. P. Marsh.
   [1913 Webster]

WordNet (r) 3.0 (2006):

formulate
    v 1: elaborate, as of theories and hypotheses; "Could you
         develop the ideas in your thesis" [syn: explicate,
         formulate, develop]
    2: come up with (an idea, plan, explanation, theory, or
       principle) after a mental effort; "excogitate a way to
       measure the speed of light" [syn: invent, contrive,
       devise, excogitate, formulate, forge]
    3: put into words or an expression; "He formulated his concerns
       to the board of trustees" [syn: give voice, formulate,
       word, phrase, articulate]
    4: prepare according to a formula