I like acronyms because they are simple and help us apply and remember. Check this one out which is designed to study the Bible and I think applicable beyond the Good Book too.
S—Situation? What’s the historical situation? What do you need to know about the people and events in the story? What’s the larger context?
T—Type? What’s the type of literature? Is it historical narrative? Poetry? Prophecy? Law? Wisdom? Epistle? What literary devices are being used: Hyperbole? Parable? Metaphor? Apocalyptic Imagery?
O—Object? Who is the object of the text? Everyone? Specific people? Ancient Israel? Is it the Old or New Covenant?
P—Prescription? Is this passage prescriptive for us today or merely descriptive of a historical event?
Turek, Frank. Stealing from God: Why Atheists Need God to Make Their Case (p. 124). NavPress. Kindle Edition.