S: Scripture (you write out the Scripture word for word)
O: Observation (you make one or two observations about the passage...or as many as you want)
A: Application: (make it applicable to your life, what is God revealing to you in this passage)
P: Prayer: (pray)
I am currently going through the Colossians study with the Good Morning Girls and it is amazing how I am seeing it through a different light as I SLOW down and really study and digest it. I love this method. The Good Morning Girls do several studies a year. Before this one, I did the Proverbs 31 study and it was amazing, as well. If you are interested, check them out at www.goodmorninggirls.org.
Have a blessed day!