formulate vs conjecture

formulate is not a noun while conjecture is a noun.

Word	Noun	Adjective	Verb	Adverb
formulate	No	No	Yes	No
conjecture	Yes	No	Yes	No

As verbs, conjecture is a hypernym of formulate; that is, conjecture is a word with a broader meaning than formulate:

Other hypernyms of formulate include hypothecate, hypothesise, hypothesize, speculate, suppose, theorise, theorize.

formulate (noun)	conjecture (noun)
	a hypothesis that has been formed by speculating or conjecturing (usually with little hard evidence)
	reasoning that involves the formation of conclusions from incomplete evidence
	a message expressing an opinion based on incomplete evidence

formulate (verb)	conjecture (verb)
put into words or an expression	to believe especially on uncertain or tentative grounds
elaborate, as of theories and hypotheses
come up with (an idea, plan, explanation, theory, or principle) after a mental effort
prepare according to a formula