Public Policy and Business
Policy formulation is the stage in the policy-making process where various solutions to a problem are developed and refined, taking into consideration political, social, and economic factors. This process involves the identification of alternatives, weighing their potential impacts, and selecting the most appropriate option for implementation. Effective policy formulation is crucial because it lays the groundwork for future decision-making and implementation, and often includes input from stakeholders who influence the direction and viability of proposed policies.
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