Differences between granuloma and granulation tissue?

Granulation tissue is characterised by the presence of new blood vessels, fibroblasts and mononuclear cells in an edemateous extracellular matrix.

A granuloma is a specific form of chronic inflammation characterised by the prescence of epitheloid macrophages and giant cells (either foreign body giant cells or Langerhaan giant cells) surrounded by a collar of fibroblasts and lymphocytes. Central necrosis may or may not be present.