conceptualization vs formulation

conceptualization and formulation both are nouns.

Word	Noun	Adjective	Verb	Adverb
conceptualization	Yes	No	No	No
formulation	Yes	No	No	No

As nouns, conceptualization and formulation are synonyms defined as:

conceptualization and formulation: inventing or contriving an idea or explanation and formulating it mentally

Other synonyms of conceptualization include conceptualisation.

conceptualization (noun)	formulation (noun)
inventing or contriving an idea or explanation and formulating it mentally	inventing or contriving an idea or explanation and formulating it mentally
an elaborated concept	the style of expressing yourself
	a substance prepared according to a formula