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Not only is monomyth the first thing you learn when you learn about script writing formulas, there are actually applications out there that can assist you in developing dramatic arcs. Sort of like a sketchbook for writing.

Yes. I took a class in formula script-writing this last semester.

Echoing my sibling: yes, absolutely. Think of it like a design pattern for writing. I think you can push the analogy pretty far actually: they are codified formulae designed to "implement" concepts in a story in a familiar and largely effective way, in the general case. They can be tinkered with around the edges, and implementation details can change, but at the core a factory is a factory.

Not every formula can be applied to every "story problem", and they can often be mixed and matched to achieve the desired outcome.

I've taken a screenwriting class that taught a few formulas as well.