Analytical study is inductive method applied for study of a paragraph or a chapter of the Bible. Actually, analytical study is the most famous way of inductive method.

In principle, I have described the main steps of analytical study in the description of the inductive method:
Step 1. Observation
Step 2. Interpretation
Step 3. Application

However, there some other things that can be added.

1. Read the chapter carefully and write down your observations and what you do not understand.
2. Write down the main idea of each verse. Then try to join main ideas of several verses into one main idea. Then you will be able to find paragraphs.
3. Write down the main idea of each paragraph. Then join main ideas of all the paragraphs into one main idea of the chapter.
4. Find out the main words (nouns and verbs) of each verse. Then find out the main words (nouns and verbs) of each paragraph. Eventually, find out the main words (nouns and verbs) of the chapter.
5. After you have found the main words of the chapter, define the main idea of the chapter again.
6. Entitle each paragraph and the chapter.
7. Find connections between the paragraphs.
8. Find out the application of the text you study.