Formulation is a term used in various senses in various applications, both the material and the abstract or formal. Its fundamental meaning is the putting together of components in appropriate relationships or structures, according to a formula. Etymologically formula is the diminutive of the Latin forma, meaning shape. In that sense a formulation is created according to the standard for the product.
Science (from Latin scientia, meaning "knowledge") is a systematic enterprise that builds and organizes knowledge in the form of testable explanations and predictions about the universe.
Science has an important part to play in our everyday existence, and there is far too much neglect of science; but its intention is to supplement not to supplant the familiar outlook.
Arthur Eddington, Science and the Unseen World (1929).