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By the time you have created an effective formal outline, you will be ready to write a first draft of your paper. Indeed, many writers work from rough, skeletal outlines to create first, exploratory drafts, and only then, after revising those drafts, do they commit themselves to a formal outline.
Note, too, that some writers do not find the need to use a formal outline; by the time they have created a first draft from their initial, organizational skeleton, they are ready to stick with that draft, revising and fine-tuning it, until they feel they have accomplished their purpose.
Examples of completed effective formal outlines: