I am embarking on a project to cook every recipe in the "The Bread Baker's Apprentice: Mastering the Art of Extraordinary Bread" cookbook. I would like to maintain a cooking journal, something similar to a lab book, to document my observations as I attempt each recipe. The objective is to prefect my bread making method. I prefer electronic methods of maintaining the journal for efficient referencing.
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For simply a time investment, you can use one of the free blogging services (blogger is pretty popular).
I've found Evernote (www.evernote.com) to be the best, simply because it is everywhere. It supports basic features like tagging, and can adapt to most every use case you can throw at it.
And it's free!
For a windows user, I recommend notepad++ !
I maintain my notebook for my biochem lab work on Google Docs. I keep a narrative of-sorts in a document and use links that point at spreadsheets containing more numeric data. Pictures can be uploaded and stored separately in a collection (folder) or inserted into the document directly.
I recommend iPad and writing notes on it.