What are the step by step process of policy formulation?

Policy formulation typically involves several key steps:

1. Problem Identification: Recognizing and defining the issue that needs to be addressed.
2. Research and Analysis: Gathering data, reviewing existing literature, and analyzing potential impacts and outcomes of various solutions.
3. Stakeholder Engagement: Involving relevant stakeholders to gather input, perspectives, and support for potential policy options.
4. Drafting Policy Proposals: Developing specific policy options based on research and stakeholder feedback, followed by review and revision before finalization.