Google Adwords - Whats the diff between [Exact] and "Phrase" search??

I struggled with this same question. The difference in definitions can appear subtle.

Phrase looks like this: "keyword". In the context of AdWords it means that your ad will show for searches that match the exact phrase in the quotes.

Exact Match looks like this: [keyword]. Again, in the context of AdWords it means that your ad will show for searches that match the exact phrase in the square brackets, exclusively.

For example. [fly rods] your ad would likely show on searches for:
fly rods

It wouldn't show for searches on:
orvis fly rods
fly rod
bamboo fly rods

Whereas "fly rods" your ads would likely show on searches for:
orvis fly rods
compare fly rods
fly rods case

And "fly rods" wouldn't show for searches like:
rods for fly fishing
fly rod
fly fishing poles

Phrase match is more flexible than exact match and more targeted than broad match.

You can use exact match if you have a carefully constructed and very complete keyword list. With a list like that and exact match you may receive more target traffic. Otherwise you could expect lower conversions, impressions and clicks with exact match.

Clear as mud? I hope this help.

An exact search contains your specific keywords in their exact order. It doesn't include any other words except your keywords itself.

For example: Dog Training

A Phrase search, however, contains your specific keywords in their exact order, but also contains other words.

For example: German Shepherd Dog Training
: Dog Training Equipments

I forgot to mention that im doing keyword research, trying to estimate search volume per month? can anyone elaborate on this? Thanks!